American companies are issuing new debt at record levels, providing a renaissance for an often-overlooked portion of the Wall Street legal practice and helping some of the richest law firms to avert job and salary cuts.
Firms in Their Debt: Davis Polk, Simpson Thacher, Sidley Austin, and Cahill Gordon & Reindel are among the firms that have seen their corporate debt practices boom as U.S. companies have issued nearly twice as much debt through April as they did during the period a year ago.
Filling a Hole: While that practice is setting records, other corporate groups are suffering. M&A is ...