Drupal 7 version of content_format?

Would like to know this, too, thanks.

It appears to me that

render($content["your_field_name"][0])

may do the equivalent.

Adding the zero index makes the render function return the formatted value of the field; if you leave off the zero index (e.g., render($content["your_field_name"])) you'll get the field title along with the value.

Even better than content_format, this function returns the field value in the standard way:
$attorneyImage = field_view_field('node', $node, 'field_attorney_image');

Since drupal 7 is all about renderable arrays, the return value of this function is also a renderable array. So in my opinion this is even better than "content_format".
However, If you still need the markup of this then you should use "drupal_render".