Law firm growth revealed

PRACTICE POINTS

SafeWork backs down

• SafeWork NSW drops landmark psychosocial case. The failed prosecution of Western Sydney LHD highlights the challenge of proving WHS breaches tied to psychosocial risks. The Court accepted that grievance processes are inherently stressful, but that doesn’t equal a WHS breach. With SafeWork withdrawing, the Court didn’t rule on what steps employers must take—legal clarity on psychosocial risk management remains unclear. Ashurst defended Western Sydney LHD.

• Procedure matters when it comes to resolutions. In a decent decision, the NSW Supreme Court declared that KBC validly held a meeting which its members passed resolutions proposed by WAM for the removal and appointment of directors. Proceedings afoot challenged the appointment of a voluntary administrator to KBC on the evening before the member meeting, and challenged the purported adjournment of that meeting. The Court rejected claims of an improper administration appointment, but found the Chair’s attempt to adjourn the meeting invalid for failing to specify a reconvening time—leaving WAM’s boardroom shake-up intact: G+T

• ASIC releases climate disclosure playbook. On 31 March, ASIC dropped RG 280, its new Regulatory Guide on Sustainability Reporting, detailing how companies must comply with climate-related financial disclosure obligations. There’s now expanded guidance on scope 3 emissions, scenario analysis, director duties, forward-looking statements, non-report disclosures, and ASIC enforcement.

WORD ON THE STREET

Foreign firms struggle

• Foreign law firms flounder as locals surge. AFR’s partnership survey shows that UK and US firms are losing ground in Australia:

  • Squire Patton Boggs just lost six partners

  • Hogan Lovells exited entirely

  • Clyde & Co and Bakers keep bleeding staff

  Everyone’s down except A&O Shearman, K&L Gates and Jones Day are growing. Now, HSF hopes a merger with Kramer Levin bucks the trend—but recent history isn’t on their side.

• Consulting firms are cosying up to Trump. Accenture, Deloitte, Booz Allen and IBM are among firms that responded to the GSA’s “consultant spend review”, offering to cut US federal contract values, cap price hikes, and move to performance-based fees. Three of the 10 consulting firms offered options which would cut costs by at least US$15bn (A$24bn): AFR

• Linklaters is developing AI-powered tools to assist with HR queries, including a ‘chat with HR’ feature. The tool, built on Azure AI Foundry, will provide instant, context-specific answers about policies like maternity leave and employment terms. Currently in pilot testing, this feature is part of Linklaters’ broader push to integrate AI into operations, enhancing employee support and efficiency: Law.com

TALKING POINTS

“Investment Australia”

• Coalition unveils plan for 'Investment Australia'. If elected, the Coalition will launch a new statutory body within Treasury to streamline investment approvals and tackle delays. ‘Investment Australia’ would absorb FIRB, the Takeovers Panel, and the Major Project Facilitation Agency, reporting directly to Cabinet. It’ll have new powers to hold regulators and agencies accountable for project delays: Capital Brief

• What’s the saving grace for investors? Gold. The volatility-hedging commodity has hit new highs, with prices soaring to A$5028 per ounce locally and US$3133 per ounce, sparking a wave of gold fund launches and reopened funds. Investors are flocking to the safe-haven asset amid growing stock market shock in response to Trump’s hitman-style economic plans. Money managers and analysts say there’s more to come, predicting gold prices could reach US$3300-US$3500 per ounce by year-end. They might be talking their books or we might see a spurring goal deal frenzy across Australia: AFR

• A 19-year-old in WA has become the first person jailed under new Commonwealth counterterrorism laws banning the online sharing of violent extremist material, after posting Islamic State beheading videos. He copped 3 years’ jail, with the court calling it a serious example of the offence: Lawyers Weekly

• US prosecutors want the death penalty for Luigi Mangione. Federal US Attorney-General Pam Bondi has directed prosecutors to seek the death penalty for Luigi Mangione, accused of murdering UnitedHealth Group executive Brian Thompson. This marks the first death penalty decision in President Trump’s second term: AFR

TREASURY

DEAL ROOM

TPG-Vocus’ ACCC win

• Gilbert + Tobin helped Vocus Group secure unconditional ACCC clearance for its $5.25bn acquisition of TPG Telecom’s Enterprise, Government and Wholesale business. The ACCC found minimal competition concerns due to differing customer bases and NBN’s low entry barriers. G+T’s Elizabeth Avery led the advisory team. The deal still needs FIRB and US reg approvals: Australasian Lawyer

• OpenAI has secured a US$40bn (A$63bn) funding round, led by SoftBank Group, valuing the ChatGPT developer at– wait for it–US$300bn (A$480bn). The deal will fund OpenAI’s AI research, product development, and computational infrastructure expansion. SoftBank will invest US$10 billion in April, with an additional US$30 billion by 2025, contingent on a corporate restructuring. The funding is the largest-ever startup investment: Capital Brief

• Virgin Australia, under its US owners Bain Capital, is pushing forward with its IPO plans, targeting a June relisting. Meetings with investors led by new CEO Dave Emerson have already begun, with a capital raising expected to start in May. The IPO follows strong half-year earnings and the Qatar Airways partnership, bolstering confidence in the airline’s future: The Australian

• In case you missed it, struggling home builder AVJennings has accepted a revised $365m bid from Avid Property Group, backed by US firm Proprium Capital, after rival suitor Ho Bee Land failed to firm up its higher $391m pitch. Avid cut its offer by 1.5¢ to 65.5¢ a share post-due diligence. Chair Simon Cheong (54%) is backing the deal, which now needs shareholder and court approval: AFR

SECTOR SPECIFIC

Robinhood’s bold play

🚜 DIGGERS

• South Korea’s Kogas blasts Labor and Dutton’s gas intervention plans. Kogas takes issue with the forced supply redirection, warning that it’ll lead to supply contracts being ripped up. It’s the first major Asian buyer to publicly question if Australia remains a reliable LNG partner: AFR

• Woodside offloads Trinidad gas assets to Perenco for $206m, exiting its Greater Angostura fields after two decades and $1bn in investment. The sale frees up cash for its core projects as Woodside trims its portfolio: Capital Brief

🏦 FIN

• Axis Bank partners with JP Morgan to launch a 24/7 blockchain-based cross-border payment system for commercial clients, enabling near-real-time USD clearing. Powered by Kinexys Digital Payments, this platform supports multi-currency payments and enhances cash management across banks, marking India’s first blockchain-enabled capability for cross-border dollar payments: Finextra

• Robinhood expands its product suite for its Gold members. The new offerings include Robinhood Strategies, a wealth management service with a 0.25% annual fee, and Robinhood Banking, providing access to checking, savings accounts, and exclusive perks. And there’s Robinhood Cortex, an AI investment tool to offer real-time analysis and insights. The fintech giant is upping the ante on perks: Finextra

🏡 RETAIL & REAL ESTATE

• Lendlease has wrapped up its UK construction sale to Atlas Holdings, marking a full retreat from global construction after offloading its US and Asia ops. It’s also sold its 20% stake in London’s 21 Moorfields to Japanese investors for $131m as it refocuses on Aussie projects and funds management: realcommercial

• Brookfield is selling Portside Wharf in Brisbane – one of the city's premier inner-city waterfront locations. Centennial is the prospective buyer of the $59.4m precinct that includes 68 retail tenancies and room for a health and wellness hub or event a new marina precinct. Centennial is gunning for retail exposure, aiming for $1bn in assets: The Australian

📱 TECH & START UP

• StrongRoom AI, a Sydney-based startup, is in legal turmoil following its voluntary administration. EVP, the VC firm behind its $17m capital raise, has secured a Federal Court order to freeze the start up’s assets. Tyson & Blake, an early investor, has threatened legal action against EVP, accusing them of outright unprofessional conduct. EVP says they find "significant discrepancies" in the startup's financial accounts. Now the administrators are pushing a firesale despite freezing order: Capital Brief, AFR

• Alibaba Group is set to release its own flagship AI model as early as this month – Qwen 3. The move comes amid rising competition from rivals like OpenAI and DeepSeek. Alibaba has been rapidly releasing new AI products, including the Qwen 2.5 model and the Quark app, as it races to catch up in the AI space, where low-cost Asian models are challenging premium US offerings: AFR, Bloomberg