It is boom time for initial public offerings, and with the top IPO lawyers working at full stretch this is clearly good news for fees.

Even better news for that small group of players is that they continue to have the market largely sewn up, with the likes of Freshfields Bruckhaus Deringer, Linklaters, Clifford Chance, Allen & Overy, Slaughter and May, Herbert Smith Freehills and Ashurst appearing on almost every deal.