Allens takes the crown

PRACTICE POINTS

No deed, no deal

• The Federal Court refused to enforce an alleged oral settlement agreement, finding that ongoing informal comms and references to a future deed showed the parties never intended to be bound without a signed doc. Justice Lee's six-point framework:

  1. the commercial circumstances of the communication

  2. high sophistication of the parties indicates they’re less likely to be bound unless it’s formalised in writing

  3. post-contract conduct—continued negotiations on key terms after reaching an informal agreement suggests there’s nothing binding

  4. whether all material terms are agreed

  5. whether “subject to contract” or “subject to deed” are included in comms

  6. whether the parties continue in negotiations

• ASIC plans to name and shame in 2025. AFS and credit licensees already have to report compliance breaches and ASIC publishes annual summaries—but from late 2025, ASIC wants to publish firm-level breach and complaints data via new Reportable Situations and Internal Dispute Resolution dashboards. Commissioner Kirkland says this will lift standards, boost consumer confidence, and pressure the financial firms to perform.

• Hey, just because it’s in the data room doesn’t mean it’s disclosed. In a new article Federal Court decision concerning a breach of warranty claim, Stewart J held that material documents sitting passively in a data room won’t meet an “all material information disclosure” warranty unless the buyer is clearly put on notice. The Court found that the seller had breached the warranty because they failed to flag the material info to the buyer.

WORD ON THE STREET

Lawyers rate Allens #1

• Allens takes the crown (again). The Legal Firm of Choice Survey is in—and for the second year running, Allens is the top pick for Aussie lawyers looking to jump ship, and MinterEllison and Ashurst round out the top three. Meanwhile, KWM and Hall & Wilcox came 6^th and 7^th (slipping from 3^rd and 4^th). Fresh risers? Corrs, HSF and Hamilton Locke: Lawyers Weekly

• Meanwhile, the survey also reveals that 21% of private practice lawyers are looking to leave their firm in a year, reflecting similar results to the College of Law survey late last year. That’s up from 18% last year. Female lawyers and those in their 30s are the most likely to jump, citing pay gaps and rising life pressures. Firm loyalty may be slipping—especially in SA and the NT, where nearly half want out: Lawyers Weekly

• Mid-tier mergers are on the rise as firms scramble to survive fee pressure and AI costs. The latest: Hunt & Hunt’s NSW arm will merge with Hicksons, bringing in 9 partners and 80+ staff. It follows Holding Redlich and Clyde & Co eyeing tie-ups in response to fee pressures on high-volume, commoditised work like insurance: AFR

• The ASX-listed Shine just snagged an alternative business structure licence in Arizona, becoming the first Aussie firm to crack the US market this way. With 10k active litigations, it’s banking on its high-volume personal injury game to stand out in a crowded field. Arizona’s deregulated setup gives Shine a launchpad—class actions may follow, and the US expansion is just getting started: legalfutures

TALKING POINTS

High Court’s NSW coalition

• A NSW coalition is quietly forming at the High Court. Gageler, Gleeson, Jagot and Beech-Jones—all with NSW ties—are increasingly voting as a bloc, often forming the majority in recent split decisions. With Edelman, Gordon and Steward more likely to dissent, the court’s state-based fault lines are becoming harder to ignore: Capital Brief

• Chalmers, economists and think tanks are tearing into the Coalition’s pitch to stash 80% of commodity windfalls into new investment funds. Critics say it’ll balloon gross debt, calling it a “gimmick” and “policy hypocrisy”. Unlike Costello’s surplus-fed Future Fund, this one’s based on borrow-and-hope vibes apparently: AFR

• Whistleblower drops bombshell on Meta-China ties. Ex-Global Public Policy chief Sarah Wynn-Williams claims Meta helped China advance AI via secret briefings under “Project Aldrin” to win favour in Beijing. She claims this aided models like DeepSeek and compromised US interests. Meta denies, but Senators are calling for investigation: Channel News

• Trump admits his tariffs may cause “transition problems” but expressed confidence, after the White House clarified its a 145% tariff for China. The initial tariffs were enough for Goldman’s to call a 73-minute recession panic plan, saying Trump wouldn’t switch gears. That was until began investors dumping US treasuries – the safest of safe havens, sparking financial crises fears even for the White House. The sell-off supposably lead Trump to announced the 90-day tariff pause (excluding China): AFR, The Australian

• Meanwhile, RBA boss Michele Bullock says it’s too soon to tell how new US tariffs will ripple through global markets – but it’s not the GFG. In a Melbourne speech, she urged patience, noting the impacts on demand and supply will take time to emerge: Bloomberg

TREASURY

DEAL ROOM

Prada’s US$1.38bn bargain

• Prada has negotiated a $200m discount on its purchase of Versace, with the deal now expected to close at US$1.38bn. The price was originally set at US$1.6bn, but was cut after Trump’s trade war spooked markets and raised concerns over tariff impacts on Versace’s business: TipRanks

• Santos eyes US LNG deal, snubs Beach Energy merger. Santos has $17bn LNG ambitions for the US—but no deals yet. Its past flirtation with Woodside is dead, and Kerry Stokes’ hopes of folding Beach Energy into the mix look dashed. Despite succession perks and cashflow upside, Santos is looking past Perth or Cooper Basin exposure, instead the oil and gas giant is look to the land of the free: The Australian

• Federation Mining eyes ASX float, six months after its failed tilt at Siren Gold. Backed 90% by AustralianSuper, Federation is working with brokers, likely Euroz Hartleys, on an IPO later this year: AFR

• Peabody is rethinking its $5.7bn bid for Anglo American’s Bowen Basin coal mines after last week’s explosion at Moranbah North. The deal, announced last year, included four mines and was due to close by mid-2025. Peabody says it's "preserving all rights" and "reviewing all options" as safety investigations unfold: ABC News

• Woolies backs online GP startup Hola Health, leading a $6m funding round through its Healthylife arm. Customers can now book 24/7 virtual doctor visits and earn Everyday Rewards points. The move puts Woolies in direct competition with Wesfarmers’ InstantScripts, as telehealth demand surges amid GP shortages: AFR

SECTOR SPECIFIC

Canva targets Microsoft Excel

🚜 DIGGERS

• Liontown delivers first ore from Australia’s first underground lithium mine, hitting 1500 tonnes at Mt Mann within its Kathleen Valley project. Full underground supply is targeted by FY26: Australian Mining

• Santos’ Kevin Gallagher says the next gov needs a backbone on energy security—or risk price hikes, job losses and instability. With Barossa LNG 95% done and $6m golden handcuffs keeping him in place, Gallagher’s betting big on Narrabri gas, Alaska oil and Coalition-friendly policies to boost Santos' battered share price: The Australian

🏦 FIN

• Kraken teams up with Mastercard to launch crypto debit cards in the UK and EU, letting users spend crypto or stablecoins like cash anywhere Mastercard is accepted—online or in-store. The physical and digital cards expand Kraken’s push to make crypto usable for everyday payment: Finextra

• CBA, NAB and Westpac slash term deposit rates, some by up to 1%, as expectations mount for the RBA to cut rates in May. NAB is now tipping a bold 50bps cut, with five cuts forecast by early 2026: Yahoo Finance, 9 News

🏡 RETAIL & REAL ESTATE

• Healthscope’s CEO says there’s no profit in handing over the troubled hospital to the NSW gov—but dumping its PPP headache could clear the decks for a sale. With $1.6bn in debt, Brookfield-owned Healthscope is bracing for bids. Meanwhile, rival Ramsay is circling assets as investors eye a potential carve-up of Australia’s #2 private hospital operator: AFR

• Virgin Australia will refund 61,000 customers an average of $55 each after admitting it overcharged $3.4m on booking changes made between 2020 and 2025. The airline flagged the error to the ACCC, appointed Deloitte to manage refunds, and pledged unclaimed money will go to charity: ABC News

📱 TECH & START UP

• Apple airlifts 1.5 million iPhones from India to the US in a hush-hush rush to dodge Trump’s tariffs. With help from Indian authorities, Apple slashed customs clearance at Chennai airport from 30 hours to 6 hours. Six chartered cargo flights later, and maybe this could be Apple's new strat to dodge tariffs: Reuters

• Canva’s got a fresh makeover. Canva’s $4.9bn ARR update came with its biggest product overhaul yet—think AI-fuelled spreadsheets, websites, and design tools all in one suite. With 230 million monthly users and 25 million paying customers, the Sydney giant is clearly gunning for Microsoft’s turf—and a US IPO when markets warm up. Even the charts got a makeover: AFR