The UK's leading firms have enjoyed a strong first half of the year, despite turmoil in the credit markets, with the majority of the top 10 City firms ahead of budget for the last six months.

Early indications show firms including Clifford Chance (CC) and Allen & Overy (A&O) are expecting to be well ahead of budget going into the third quarter. CC is currently reforecasting the second half of the year after revealing that it is significantly up on the same period last year.

Simmons & Simmons and Freshfields Bruckhaus Deringer are well up on their budgets at the half-year point, while firms including Linklaters, Slaughter and May and CMS Cameron McKenna are also confident of meeting predictions.

Norton Rose and Herbert Smith are expecting to improve on their performance from the same period last year.

National giants Pinsent Masons and Eversheds are also ahead of budget, with a strong run of corporate mandates expected to put the latter's practice around 17% up on predictions – well ahead of last year.

The results follow a stand-out first quarter, which granted firms more leeway through the faltering summer months when the credit crunch hit.

Camerons senior partner Richard Price commented: "We are not as overworked as previously, but confidence is not at all low. Deals are safer and less leveraged but there are still plenty about. We are well set for the half-year and I am reasonably confident we will deliver above an aggressive budget."

Travers Smith head of corporate Chris Hale added: "Following the credit crunch we were all expecting a substantial decline in corporate work.