The first seven months of 2007 saw ever-increasing volumes of equity work in the US. And since August, despite volatility in the credit and debt markets, that work has shown resilience. The law firms that have benefited from this consistency are a mixed bag. Unlike some areas such as derivatives or high-yield debt, many of the larger firms are getting a share of the pie.

Overall the first half of the year saw high yield become more concentrated, as investors gravitated towards bank loans, structured finance continue to accelerate, and initial public offerings hit record levels, partly due to private-equity capital. That last group...