Microsoft can just copy everything that Slack does right, give it away for a fraction or for free and there's nothing that they can do about it.
"But, your honor, Slack told the world they welcome competition from us in this infamous letter from November 2016!"
That's not to say that Slack doesn't have a lot to worry about. But competition from Lync, or whatever the hell they call it this week, is not one of those things.