The Gaia theorem states that the Earth's atmospheric composition is kept at a dynamically steady state by the presence of life. The atmospheric composition provides the conditions that contemporary life has adapted to. All the atmospheric gases other than noble gases present in the atmosphere are either made by organisms or processed by them.
The stability of the atmosphere in Earth is not a consequence of chemical equilibrium. Oxygen is a reactive compound, and should eventually combine with gases and minerals of the Earth's atmosphere and crust.  Oxygen only began to persist in the atmosphere in small quantities about 50 million years before the start of the Great Oxygenation Event. Since the start of the Cambrian period, atmospheric oxygen concentrations have fluctuated between 15% and 35% of atmospheric volume. Traces of methane (at an amount of 100,000 tonnes produced per year) should not exist, as methane is combustible in an oxygen atmosphere.
Dry air in the atmosphere of Earth contains roughly (by volume) 78.09% nitrogen, 20.95% oxygen, 0.93% argon, 0.039% carbon dioxide, and small amounts of other gases including methane. Lovelock originally speculated that concentrations of oxygen above about 25% would increase the frequency of wildfires and conflagration of forests. This mechanism, however, would not raise oxygen levels if they became too low. If plants can be shown to robustly over-produce O then perhaps only the high oxygen forest fires regulator is necessary. Recent work on the findings of fire-caused charcoal in Carboniferous and Cretaceous coal measures, in geologic periods when O did exceed 25%, has supported Lovelock's contention.