Clients in the water sector turn to Linklaters LLP when requiring assistance with matters involving financing and capital structures, regulation and competition, the environment, investigations, disputes, pensions and sponsor-level M&A. The practice is jointly led by Natura Gracia and Mark Nuttall. Garcia focuses on the regulatory side, frequently advising on investigations and the price control framework, particularly PR24. Nuttall leads the firm’s structured finance work, regularly assisting clients with financing restructurings and equity raises. Emma Crawford, who was promoted to partnership in May 2025, advises water companies on financing, regulatory and investigations matters. Former co-head Julian Davies retired from the firm in April 2025.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
‘Very sharp minds, dedicated to their clients, strong communicators and high-quality advice. I think their collaborative style with clients really stands out - you feel part of a team working with them.’
‘Natura Gracia - very positive leader, excellent strategic mindset and high-quality advice, great communicator.'
- 'Rachel Hetherington - incredibly sharp, with a brilliant ability to cut through a lot of complexity and get to the heart of what matters, brilliant advisor.'
‘There is a well-established team that has a strong coverage of the water sector. I worked with the core team over six years, and they provided a balance of expert advice, pragmatic guidance and feasible solutions. In addition, they pulled in other teams where appropriate to provide a range of corporate advice as dictated by circumstances.’
‘Principal contacts were Mark Nuttall, Lizzie Johnson and Emma Crawford. I valued their total professionalism, commitment to deliver to tight timelines and their sense of humour. I felt always that I had the best team supporting me when working with them and dealing with other Magic Circle firms. It has been great to see recently Emma's step-up to partner - well deserved recognition.’
‘Great knowledge of the sector, not just on the documentation requirements but regulation etc.’
‘Flexible and able to take on multiple projects at the same time.’
'Linklaters are the market leaders in terms of their experience on regulatory appeals. I can’t think of a team with greater experience of regulatory appeals in the UK.'
Key clients
- Thames Water Utilities Limited
- Anglian Water Group Limited
- Southern Water Services Limited
- Yorkshire Water Services Limited
- Sutton & East Surrey Water plc
- Assured Guaranty
Lawyers
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Mark Nuttall
Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Emma Crawford
Practice head
Natura Gracia; Mark Nuttall
Other key lawyers
Elisabeth Johnson; Emma Crawford; Benjamin Dewsnip; Rachel Hetherington