A lesser known fact is that large international brands, such as Norton Rose Fulbright, King & Wood Mallesons, DLA Piper, Hogan Lovells, Dentons, Baker & McKenzie (as well as accounting firms like Deloitte and PwC), are not single entities.

They are swiss vereins: associations that allow individual firms to operate under the same brand without sharing liability. Swiss vereins could also be described as professional services networks but the terminology is a “debatable issue”, according to Mr McGarry.