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Its a takeover of course and IM are ruthless. The promise of no job losses is simply nonsense. It's how you make these things work financially. TE have clearly sold out (there are a number of outgoing equity partners looking to get their money out) and a highly regarded name in private client practice will disappear. I doubt TE's HNW and landed estate clients will want to be associated with the Cillit Bang! consumer law of IM and the private client fee earners (who are many and good) will not want the IM association on their CV's. Competitor private client firms will rub their hands in glee and pick off the best talent.