With few firms having made the leap into Switzerland, set up an office and stayed in the market, Swiss lawyers remain confounded as to why more US and UK giants have not tested the water by setting up small offices in either Zurich or Geneva.

Rumours persist that some of the UK’s magic circle firms are looking to set up in Zurich, but with certain such firms’ European offices having cost them dearly in the past three years, the appetite for further European expansion is far from voracious.