Lawyers' billable strike

👋 G’day

Today’s brief:

• Lawyers strike against recording billables over a wage clash.

• Australia’s in the middle of a tug a war with growing uncertainty.

• Rio Tinto will allow investors to vote on unified structure after pressure.

We’ve got a sweep of insights to put you ahead this morning.

Grab a coffee and let’s go ☕️

PRACTICE POINTS

ACCC clock ticking

• The new mandatory ACCC clearance regime kicks off 1 January 2026, but businesses might benefit from voluntary clearance for late 2025 deals.

  • October 2025 deadline: The ACCC warns that informal clearance requests under the existing regime after early October may not get processed before the cut-off.

  • No decision? Reapply: Deals left hanging after 31 December 2025 will need fresh clearance under the new regime.

  Best get moving if you want to avoid the new regime: KWM

• The new AANA Environmental Claims Code is live from 1 March 2025, setting a higher bar for green advertising. In a significant update, the Code broadens the definition of "environmental claims" as including "any message or representation" which gives an impression of having a positive or neutral environmental impact, being less harmful for the environment than its alternatives and having specific environmental benefits. Life cycle impacts, compostable/recyclable claims, and emissions-related claims will now fall within the scope: HSF

• The WA Supreme Court is seeking input on a potential practice direction for AI use in legal proceedings, with a focus on concerns around inaccurate or misleading info, including fabricated citations. Other states are already addressing AI use: NSW has banned it for lawyers, Queensland has guidelines for non-lawyers, and Victoria has issued AI guidelines for litigants. Submissions are open until 31 March 2025.

WORD ON THE STREET

Billables strike

• Maurice Blackburn has sparked controversy by shutting out its lawyers over a historic billing strike, ramping up tensions in an escalating pay dispute. The lawyers’ strike against recording billable hours is the first time Aussie lawyers have taken industrial action. It’s aimed at supporting a 15% pay rise. But in a bid to counter union action, the firm has gone the opposite way, refusing to pay its lawyers and directing staff not to log in to work systems or check emails. Unions have slammed the firm, calling the move a “low act” and a betrayal of its pro-worker values: AFR

• Former real estate partner Guy Albeck has settled with Dentons after claiming he was forced out over bullying complaints. Albeck also dropped a bombshell, accusing the firm's Australian chair of sharing an anti-vax pamphlet. Just your average day at the office: Lawyerly

• Step aside KWM – there might be a new King down under. US law firm King & Spalding is eyeing an Aussie expansion, with recruiters on standby and meetings underway. The Atlanta-based giant, with over 1300 lawyers globally, has made waves in Asia and is now considering a push into the Aussie market, willing to splash out $5m+ for top talent to cover the Asia region. Make sure your phone isn’t on silent when the poaching spree kicks off: AFR

TALKING POINTS

Australia’s nuclear gamble

• Australia is a rock in a hard place in Trump’s new world. Australia has long battled feelings of insecurity in the APAC region, and now, that anxiety is sharpening as its defence alliance with the US and trade ties with China face growing uncertainty. As part of AUKUS, Australia will invest $228bn to build nuclear-powered submarines alongside Britain for the 2040s. In the interim, Australia will buy US submarines and invest billions in upgrading a naval base which sits within view of Perth’s skyscrapers. But the US wants guarantees these subs will be available in the event of a US-China conflict over Taiwan. With America and China shifting demands, Australia is rethinking its strategies, looking to hedge risks by strengthening ties with Japan and India. But its reliance on both the US and China leaves it vulnerable, what we do next will set the stage for the decades to come: The Economist

• Meanwhile, Trump and Zelenskiy edge closer to minerals deal and peace talks. Trump says Ukrainian President Zelenskiy is ready to sign a minerals deal with the US, admitting that the contentious Oval Office meeting was "regrettable". The agreement will incentivise an Ukraine-Russia peace deal by giving the US a financial stake in Ukraine’s natural resources and future: Reuters

• Meta has oddly blocked 'Cyclone Alfred' searches ahead of the tropical storm hitting Australia's east coast, hiding key emergency info. According to Meta's own data, more than 300k accounts and pages on Facebook are posting about Cyclone Alfred. However, users who tried to search about the cyclone on the social media platform were coming up with empty or non-related results: ABC News

TREASURY

DEAL ROOM

Ben & Jerry's buyback bid

• Ben & Jerry’s founders, Ben Cohen and Jerry Greenfield, are exploring a buyback of their iconic ice cream brand from Unilever, but they’ll need serious financial backing. The pair sold the iconic tub to Unilever for a cool US$326m back in 2000. Now Unilever is spinning off its ice cream division, but insists Ben & Jerry’s is not for sale: DesignRush

• Oh how the tables have turned. Blackstone’s Michael Blickstead says listed companies now approaching private equity for buyouts. Speaking at the AVCJ Private Equity Forum, Blickstead highlighted a six-month trend of boards seeking to go private as market volatility hits share prices. With $US1.1tn under management, Blackstone is ready to engage: The Australian

• Quadrant Private Equity has tapped Macquarie Capital to manage the sale of Amart Furniture, looking to capitalise on the housing boom and rising consumer spending. The retailer, with 68 stores across Australia, was founded in 1970 and sold for $500m in 2006. Quadrant previously explored an IPO in 2022, and now seeks an exit strategy amid a housing super cycle: AFR

• NAB’s early redemption request for $200m in Insignia bonds has sparked speculation that bidder interest may be waning. Insignia rejected the request, but market watchers suspect NAB expects Insignia’s share price to drop and wants to cash in on the bonds before the price plummets. Maybe the battle for Insignia is over: The Australian

SECTOR SPECIFIC

Victoria’s coal comeback?

🚜 DIGGERS

• Victoria’s facing an energy crisis. An independent report warns Victoria may face a gas shortage, need to burn coal longer, and endure renewable project delays. The state’s 2035 coal ban and net-zero push is now at risk, with Yallourn power station potentially staying open longer: The Australian

• Rio Tinto bows to shareholder pressure. After activist push from Palliser Capital, Rio will now allow Aussie investors to vote on whether the company should unify its dual-company structure, which mirrors BHP's move. Palliser argues unification could boost valuation and improve governance, while Rio warns it could be "value destructive": AFR

• Canada hits back with C$30bn in duties against the US, retaliating against sweeping American tariffs on Canadian goods and energy: Mining.com

🏦 FIN

• APRA is pushing for sweeping reforms for banks, insurance and superannuation funds. The Authority wants a 10-year director limit for boards. And that would mean NAB chairman Phil Chronican would get the early boot. Meanwhile, smaller institutions will face lower expectations to keep costs manageable. The reforms, set for 2028, still require industry consultation: AFR

• Small banks seek federal backing to compete. Customer-owned banks are calling for subsidies, tax breaks, and debt guarantees to level the playing field against the big four. They argue the regulatory system unfairly favors major banks, whose "too big to fail" status lowers their funding costs and squeezes smaller competitors: AFR

🏡 RETAIL & REAL ESTATE

• Ferrero bets big on Aussie Nutella. The Italian food giant is investing $8m into its Lithgow factory to position Australia as a key export hub for Nutella into Asia. With record production of 15 million kg of Nutella, Ferrero is eyeing long-term growth: The Australian

• Star Entertainment is teetering on the brink, with a decision on whether it enters voluntary administration expected very soon. If approved, it would freeze liabilities, allowing the company to sell assets and restructure. Blackstone is eyeing Star’s Gold Coast casino, but with $1.6bn in debt, the future remains uncertain: The Australian

📱 TECH

• President Trump urged Congress to repeal the CHIPS Act (no, not the yummy snack). The Act gives US$52.7bn in subsidies for semiconductor chips manufacturing. Trump criticised it as a "horrible, horrible thing" that wastes taxpayer money, and suggests redirecting funds to reduce national debt: Reuters

• Goodman Group is raising $4bn to fuel its data centre expansion, positioning itself as a leader in the booming digital infrastructure sector. With 46% of its $13bn development portfolio in data centers, the company is ramping up projects in key global markets, including Sydney, Los Angeles, and Tokyo. The capital raise will fund cutting-edge facilities, propelling Goodman into the digital future: Tech News

Want to tell us something? 

Reply to this email to tell us what we should cover.

New here?

👋 You’re in good company. You’re reading this alongside readers from HSF, KWM, Allens and Corrs. Sign up now for insights delivered directly to your inbox.