It was refreshing to hear an honest assessment of how a lawyer feels about advising the target of a multibillion-pound takeover this week.

“These deals always bring about mixed feelings when you are acting for the target – it is great to do the deal but sad to potentially lose a longstanding client and the relationships with individuals at that client,” said Freshfields Bruckhaus Deringer corporate partner Martin Taylor after acting for ICI on its £8bn acquisition by Akzo Nobel.