Top lawyers warn ASIC against hasty moves

Original article by Hannah Wootton
The Australian Financial Review – Page: 33 : 23-Aug-19

Treasurer Josh Frydenberg recently indicated that the federal government aims to pass 40 pieces of legislation in response to the Hayne royal commission’s recommendations by the end of 2020. It wants 90 per cent of relevant legislation to be implemented by mid-2020. However, corporate lawyers have stated that problems could arise if the government and the Australian Securities & Investments Commission persist with their "ambitious deadlines" for implementing the commission’s recommendations.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Greens’ $20m man now says no more tax breaks

Original article by Chip Le Grand, Christine Lacy
The Australian – Page: 1 & 4 : 15-Mar-19

Prominent barrister and Greens candidate Julian Burnside has declined to disclose whether he used negative gearing to build a property portfolio that is estimated to be worth about $20m. The Greens want to abolish negative gearing on all future residential property purchases, while its policy would restrict existing investors to negatively gearing just one property. Burnside says it is not fair that the system benefits wealthy people such as himself at the expense of first-home buyers. The Greens policies will not affect his investment portfolio.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, MELBOURNE SAVAGE CLUB, MARITIME UNION OF AUSTRALIA, PATRICK STEVEDORES HOLDINGS PTY LTD

Lawyers alarmed by Hayne inquisition

Original article by Misa Han
The Australian Financial Review – Page: 34 : 25-May-18

There are suggestions that the banking royal commission lacks procedural fairness, both for companies and individuals that appear before it. Dr Matt Collins, who is the ANZ Bank’s chief counsel and president of the Victorian bar, notes that the rules of evidence that apply in a normal court do not apply in a royal commission, and this means that some of the evidence given before the commission can be unreliable. Grant Hoole from the Gilbert + Tobin Centre of Public Law at the University of New South Wales says witnesses before a royal commission who are facing serious allegations should have the right to be questioned by their own counsel, for the sake of fairness.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, UNIVERSITY OF NEW SOUTH WALES, GILBERT AND TOBIN LAWYERS, HENDERSON MAXWELL PTY LTD

Call for changes gets legal support

Original article by Darren Davidson
The Australian – Page: 25 : 23-May-16

Corrs Chambers Westgarth CEO John Denton and Norton Rose Fulbright managing partner Wayne Spanner are among the lawyers who believe that Australia’s cross-media ownership laws are outdated. The Federal Government’s proposed reforms include abolishing the "reach rule" and the "two-out-of three rule", but Denton says the anti-siphoning list for sports broadcasts should also be included in the reform process.

CORPORATES
CORRS CHAMBERS WESTGARTH, NORTON ROSE FULBRIGHT AUSTRALIA, FOXTEL MANAGEMENT PTY LTD, NETFLIX INCORPORATED, FAIRFAX MEDIA LIMITED – ASX FXJ, STAN ENTERTAINMENT PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Study finds lawyers least healthy of professionals

Original article by Marianna Papadakis
The Australian Financial Review – Page: 33 : 20-Nov-15

Law firms are advised to pay more attention to the psychological wellbeing of their lawyers. A study conducted by PsychSafe principal consultant Rebecca Michalak indicates that lawyers working in firms have the lowest level of health and wellbeing of all white-collar workers. Law firms have been warned about the consequences of failing to take appropriate measures, including absenteeism, high turnover rates and frequent insurance claims.

CORPORATES
PSYCHSAFE, McCABES LAWYERS

Lawyers step in to calm work worries

Original article by Katie Walsh
The Australian Financial Review – Page: 33 : 9-Oct-15

It is estimated that employees’ mental health issue cost Australian businesses about $A10bn per year in terms of lost productivity, absenteeism and claims for compensation. Alice DeBoos of law firm K&L Gates says many employers now seek advice from lawyers on how to deal with mental health issues in the workplace. She notes that there has also been a sharp rise in claims for anxiety disorders, particularly in the professional services sector.

CORPORATES
K&L GATES LLP, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, BEYOND BLUE AUSTRALIA PTY LTD, HOLDING REDLICH, MAURICE BLACKBURN PTY LTD, 7-ELEVEN STORES PTY LTD

Gordon off to Clifford Chance

Original article by Katie Walsh
The Australian Financial Review – Page: 33 : 10-Jul-15

UK law firm Clifford Chance has significantly expanded its team of lawyers in Australia since it entered the local market in 2011. The firm intends to further expand its legal team via lateral hires, having recently recruited Allens’ banking and finance partner Richard Gordon. Other recent lateral hires in the legal profession include Chris Robertson’s move from Allen & Overy to King & Wood Mallesons.

CORPORATES
CLIFFORD CHANCE, ALLENS, ALLEN AND OVERY, KING AND WOOD MALLESONS, CLAYTON UTZ, HOGAN LOVELLS INTERNATIONAL LLP, SLAUGHTER AND MAY, LINKLATERS LLP

PwC woos lawyers with its promise of growth

Original article by Katie Walsh
The Australian Financial Review – Page: 33 : 6-Mar-15

Australian accounting firm PricewaterhouseCoopers is continuing to recruit lawyers for its legal practice. The firm is targeting the corporate advisory, tax, workplace relations, projects and finance, and regulatory sectors of the legal market. The legal practice is headed by former King & Wood Mallesons partners Tony O’Malley and Tim Blue. Other major accounting firms are also expanding into legal services

CORPORATES
PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, KING AND WOOD MALLESONS, MALLESONS STEPHEN JAQUES, TELSTRA CORPORATION LIMITED – ASX TLS, GILBERT AND TOBIN LAWYERS, KPMG AUSTRALIA PTY LTD, MADDOCKS LAWYERS, DELOITTE LAWYERS PTY LTD, AUSTRALIA. BOARD OF TAXATION

Chairman Dawkins vacates Vocation

Original article by Kylar Loussikian
The Australian – Page: 21 : 28-Nov-14

Ex-Minter Ellison partner Mark Elliott, notorious for launching class action law suits against companies in which he has marginal shareholdings, has joined law firms Maurice Blackburn and Slater & Gordon in bringing such a case against Vocation. The Supreme Court of Victoria will hear allegations of misleading or deceptive conduct, after the Victorian Department of Education & Early Childhood Development cancelled funding worth $A20m for Vocation off-shoots BAWM and Aspin. Meanwhile John Dawkins has stepped down as chair of the private education services provider

CORPORATES
VOCATION LIMITED – ASX VET, SLATER AND GORDON LIMITED – ASX SGH, MAURICE BLACKBURN PTY LTD, SUPREME COURT OF VICTORIA, VICTORIA. DEPT OF EDUCATION AND EARLY CHILDHOOD DEVELOPMENT, BAWM GROUP PTY LTD, ASPIN PTY LTD, DUET GROUP – ASX DUE, AUSTRALIAN LABOR PARTY, ASX LIMITED – ASX ASX, BSL LITIGATION PARTNERS LIMITED, AUSTRALIAN SKILLS QUALITY AUTHORITY, BANKSIA SECURITIES LIMITED, LEIGHTON HOLDINGS LIMITED – ASX LEI, TREASURY WINE ESTATES LIMITED – ASX TWE, WORLEYPARSONS LIMITED – ASX WOR, DOWNER EDI LIMITED – ASX DOW

Shake-up as accountants beef up law

Original article by Katherine Towers
The Australian – Page: 27 : 22-Aug-14

Major accounting firms PricewaterhouseCoopers (PwC), Ernst & Young (EY) and KPMG are increasingly diversifying into the legal services market, including in Australia. The local arm of the global PwC firm has appointed former King & Wood Mallesons managing partners Tony O’Malley and Tim Blue. The Australian tax dispute management practice leader at KPMG, Jeremy Geale, says its legal division will grow 100%-plus in the coming years, while EY Asia Pacific law leader Howard Adams says it will have recruited 200 new lawyers by mid-2015

CORPORATES
PRICEWATERHOUSECOOPERS, KPMG AUSTRALIA PTY LTD, ERNST AND YOUNG, KING AND WOOD MALLESONS, HERBERT SMITH FREEHILLS PTY LTD, McCULLOUGH ROBERTSON, DELOITTE LAWYERS PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, AUSTRALIA. BOARD OF TAXATION, ENRON CORPORATION