Top law firms had a bumper year in 2025, but the gains weren’t evenly shared. New Citi data shows firms at the very top of the Am Law 50 pulling further ahead. Most of the top 25 reported solid demand growth, while only about half of the next 25 saw the same. Revenue rose 12% and profits per partner nearly 16% across the board, helped by aggressive rate hikes. But demand growth was far stronger at the elite end, reinforcing a widening performance gap: Law.com

⚖️ Regulatory Reform: Labor is weighing a major governance reset for managed investment schemes, after the Shield and First Guardian collapses left ~12,000 investors $1bn out of pocket. A Treasury consultation proposes forcing responsible entities to appoint a majority of external directors, banning related-party transactions (with limited carve-outs), and supercharging ASIC’s data-collection powers over the retail funds sector. Super trustees would also need to report suspicious switching patterns, including waves of rollovers out of APRA funds. For fund managers, this flags higher governance costs, tighter board composition rules, and ongoing disclosure obligations. For advisers and platforms, expect closer scrutiny of switching behaviour and remuneration models. Consultation closes 27 February, and industry input now matters: The Treasury

⚖️ Insolvency: The Vic Supreme Court has knocked out a winding-up application after finding a statutory demand was served by email, not post, blowing the three-month window to rely on the insolvency presumption. The Court held that service occurred when the demand came to the sole director’s attention by email, even though it was later sent by post. That made the demand stale, so the presumption of insolvency never arose. The creditor also struck out trying to pivot to actual insolvency, with leave to amend refused.

⚖️ Admin Reform: The Federal Government has passed reforms to streamline the ART, allowing more matters to be decided on the papers rather than by oral hearing. The aim is speed and efficiency, cutting delay and cost in a system long criticised for backlog and procedural drag: Attorney General

A $131m royal commission into antisemitism risks missing key evidence, with crossbench MPs warning secrecy laws could expose intelligence whistleblowers to jail for testifying. Allegra Spender is pushing urgent fixes, saying candid evidence is essential. With recommendations still unimplemented, critics fear witnesses will stay silent, and the inquiry’s findings suffer: AFR

Thomas Kelly says Australia has the talent but not the incentives to build world-class tech firms. High taxes, muddled policy and weak R&D signals mean ideas stall before scale, even as capital and founders look offshore. The fix isn’t handouts, it’s clear incentives, cheaper energy and fewer barriers to scale. Without it, global winners won’t be built in Aus: Capital Brief

🙅 Ramsay Health Care is set to update investors on its troubled European arm by its Feb 26 results, but a demerger via in-specie dividend is now unlikely. Instead, market chatter points to its JV partner buying Ramsay’s 52.8% stake in Ramsay Santé, which has been on the block via Goldman Sachs: The Australian

🏦 Perpetual’s talks with Bain Capital on carving out its wealth arm are gathering pace. Bain execs met Sydney staff last week, with Melbourne sessions underway. The unit has ~$22bn under advice and last posted $51.5m PBT. A deal, if struck, is likely alongside Perpetual’s Feb 26 results: AFR