Client industry · November 2026

Utilities, Water & Waste: who advises the sector

Dated deals for utilities, water & waste clients over the last 12 months, the practices and firms behind them, and how lawyers with this focus moved.

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01 The numbers

The last 12 months: November 2025 to October 2026

949
Dated deals, 12 monthsNovember 2025 to October 2026
+13.6%
Year on yearSettled 12-month windows
$803m
Median disclosed value
377
Distinct clients
02 Reading the data

What the data show

Sartori & Partners data count 949 dated deals for Utilities, Water & Waste clients from November 2025 to October 2026. Year on year, on windows that end a month early, the deal count grew 13.6% (861 to 978). The deal market as a whole moved +10.6% over the same windows.

Utilities, Water & Waste deals by year

2026 runs to October.

By practice, Capital Markets is involved in 62.3% of these deals and Corporate & M&A in 16.2%. By deal type, Capital markets is involved in 60.9% of these deals and M&A in 13.9%.

Share of deals involving each practice

Deal value was disclosed on 32.5% of them; where disclosed, the median was $803 million. 377 distinct clients appear across the window.

Where the work is done: share of the sector's deals handled with lawyers in each city

First among advising firms is Hunton Andrews Kurth, with deals in the 151-250 band.

Lateral moves by lawyers with this focus, by year

2026 runs to October.

Lawyers whose work centers on Utilities, Water & Waste changed firm 57 times in the same window. Partners were 47.4% of those moves, against 27.7% across the lateral market. Year on year those moves changed +13.5%.

For a general counsel in Utilities, Water & Waste, these are the firms and practices that see the most of the sector's work: the bench to brief, and the bench in-house hires come from.

03 Firms

Firms by rank and band

Each firm appears as a rank and a band, never an exact count, and only with at least 10 moves in the window.

Advising firms ranked by deals, 12 months
RankFirmDeals (band)
1Hunton Andrews Kurth151-250
2Latham & Watkins41-60
3Davis Polk & Wardwell41-60
4A&O Shearman41-60
5Morgan, Lewis & Bockius21-40
6Troutman Pepper Locke21-40
7Sidley Austin21-40
8Simpson Thacher & Bartlett21-40
9Linklaters21-40
10Gibson, Dunn & Crutcher21-40
04 Explore

Related monitors and reports

Reports

  • Hiring a Utility Regulatory Lawyer: A Small, Partner-Heavy Bench

    Lawyers who move with a utilities focus are regulatory specialists first: regulatory and compliance shows up in their moves at an index of 2,368 against the market, and partners were 56.5% of them over 36 months. Only 99 firms hired one in that time, so a utility filling a regulatory seat recruits from a small, senior pool.

    November 11, 2026 · November 2026
  • Why Utilities Hire Capital Markets Lawyers: 60.9% of Their Deals

    Capital markets work was 60.9% of utility deals, 2.4 times its share of the whole deal market, and one firm advises on far more of the sector's deals than any rival. Lawyers in Houston and Dallas worked on a larger share of utility deals than of power or bank deals; only oil and gas runs higher.

    November 11, 2026 · November 2026

Edition November 2026. Window: November 2025 to October 2026. Source: Sartori & Partners, from public law-firm announcements, firm websites and professional profiles, checked monthly. Methodology. Spot an error? [email protected].

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