U.S. law firms have significantly reined in their ambitions in Russia over the last decade, but the fallout from the current Russian invasion of Ukraine is likely to test the resolve of those remaining players like nothing before.

A number of U.S. firms have already exited Moscow since Russia's 2014 annexation of Crimea, leaving a core group with significant client relationships remaining. Roughly 20 Am Law 200 firms retain Moscow offices. But these firms are now likely to face reputational risks if they don't reevaluate their presence in the country. Meanwhile, sanctions enveloping the Russian economy might make it impossible to continue business as usual, whether it's conducting financial transactions or even getting paid legal fees.