There were only a few minutes in it. In fact, the timing could not have been more poetic. As Law.com International broke the news that the final large international firm had closed its Moscow office, news broke in national newspapers that the Russians and Ukrainians were making progress on a ceasefire agreement.

That all 25 major commercial law firms with a presence in Russia have confirmed plans to leave in such a short space of time is nothing short of monumental. Even two weeks ago few would have predicted such a rout. But it would be a mistake to believe they are all thinking the same way.