When legal giant Dentons was founded through a three-way merger in 2013, the outlook for globalisation was rosy. Russia’s invasion of Crimea was still a year away. The UK’s then-Chancellor George Osborne was two years shy of predicting a “golden decade” in Sino-British relations.

Dentons expanded rapidly in the following years, opening offices in more than 80 countries — its landmark 2015 tie-up with China’s Dacheng helping it grow to become the largest law firm in the world by lawyer headcount.