☕️BigLaw making Bank

Latham & Watkins cracks US$7b revenue on deals boom.

March 12, 2025

Good morning.

US law firm Latham & Watkins cracked the US$7 billion ($11.1 billion) revenue mark for the first time in 2024, as a revival in M&A boosted revenue by 24%. The FT reports that a boost in dealmaking saw average profits per partner jump 29% to US$7.1 million. The firm has over 500 partners.

Latham is hunting for the title of the world’s largest law firm, and is nipping at the heels of Kirkland & Ellis which hit the US$7 billion milestone in 2023, but is yet to report 2024 results.

Latham advised on 31 US IPOs in 2024, and advised Anglo American on the sale of its coal assets and Permira on its US$7.2 billion take-private of Squarespace.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Nickel Industries' stock crashed Tuesday after a major investor dumped shares, as fears of an Indonesian tax hike and further sell-offs rattled the market.

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The quick sync

  • Trump slaps 25% tariffs on Australian steel and aluminium, rejecting Albanese government's plea and dealing a pre-election blow. (Capital Brief)(ABC)(AFR)

  • Employment Hero admits scammers exploited its platform but insists user data is safe, prompting scrutiny over security and customer support. (Capital Brief)

  • Aussie family offices form alliances to share opportunities, counter isolation and stay ahead in an increasingly interconnected private wealth landscape. (Capital Brief)

  • Wall Street is waking up to a harsher Trump reality as his administration ditches market support, triggering a sell-off and fresh recession fears. (Capital Brief)

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Trading floor

M&A

  • Peabody Energy seeks buyers for a minority stake in its Centurion coal mine. (AFR | The Australian)

  • Rio Tinto to sell bonds to refinance Arcadium Lithium purchase. (Bloomberg)

  • Star sells its Queen’s Wharf stake for $53m, losing $4.2b in fees but securing cash to avoid collapse. (The Australian)

  • Quadrant Private Equity is acquiring a stake in LegalVision, marking the first investment from its $660m Growth Fund No. 3. (AFR)

  • Billionaire James Grenon seeks NZME board shake-up after acquiring 10% stake. (The Australian)

Capital Markets

  • Austal raises $220m for US shipyard expansion, boosting naval projects. (Capital Brief)

  • News Corp Australia launches NewsGPT, an internal AI tool leveraging leading models to enhance media operations. (Capital Brief)

  • CoreWeave secures US$11.9b OpenAI deal, with IPO plans valuing it at US$35b+. (Bloomberg)

  • The Star has entered an exclusivity deed with Salter Brothers for a potential $940m refinancing to address its debt, following other funding proposals. (Capital Brief)

  • Employment Hero hit by scam misuse but denies data breach. (Capital Brief)

  • Meta tests in-house AI chip to lessen Nvidia reliance. (Capital Brief)

  • Former Super Retail chief legal officer Rebecca Farrell loses appeal to lift a suppression order related to her dismissal, with a broader case still ongoing. (Capital Brief)

  • Government launches $1.2m loan scheme for social enterprises. (SmartCompany)

  • Investors are unsettled by a shift in Trump’s administration’s rhetoric on markets, with US equities dropping nearly 9% amid recession fears. (Capital Brief)

  • ASIC chair Joe Longo calls for more tech expertise and scrutiny on boards. (Capital Brief)

  • US escalates trade war with Canada, raising tariffs and requiring visitor registration. (Capital Brief)

  • Australian family offices are teaming up to access better deals. (Capital Brief)

VC

  • AMP raises $20m, acquires Shopify app to boost AI-driven e-commerce. (Capital Brief)

  • Keg rental startup Konvoy Kegs enters receivership; McGrathNicol appointed. (AFR)

  • Australia's deep tech sector is growing, but startups struggle with local funding and procurement, often securing international support first. (Capital Brief)

  • EVOS Energy, a Brisbane-based EV charging startup backed by Ampol, has hired Azure Capital to assess acquisition interest as it expands into Asia. (AFR)

  • Sydney startup Xefco helps fashion brands reduce emissions and eliminate harmful chemicals. (Capital Brief)

People moves

  • PolyNovo CEO Swami Raote exits immediately; Robyn Elliott named acting CEO. (Capital Brief)

  • Nissan appoints Ivan Espinosa as CEO, replacing Makoto Uchida amid financial struggles following Honda takeover turmoil. (Bloomberg)

☝️ Know about a deal or people move we don’t? Hit reply.

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