An unassailable national lead in advising upon the fast developing national capital sector. We quickly deploy advice for the benefit of investor and funder transactions.
Natural Capital for Funders and Investors

“Alexandra is a wonderful and talented partner who creates a great environment for deals to be done.”

Chambers UK 2024

“Alexandra Watson – down to earth, responsive, practical and commercial in her advice. I really value the client-lawyer relationship I have with her.”

Legal 500 2024

“Alexandra Watson is the key name to note in the energy sector, where she acts for investors and developers.”

Legal 500 2023

Natural Capital for Funders and Investors

Unlocking natural capital opportunities

Policy and legislative change have brought about new opportunities for land managers to develop and deliver natural capital improvements. As ever, the interface between a new asset class, public funding opportunities and private investment creates new challenges and opportunities.

Our natural capital approach is multidisciplinary. We boast experts in corporate, commercial, tax, and banking, supported by Agriculture and Environment specialists with in-depth knowledge of land management and environmental change delivery.

Landscape Scale Recovery

Landscape Scale Recovery or “LSR” is DEFRA’s top tier scheme to fund and promote truly joined up landscape scale improvement in the environment. Such momentous change will require collaboration between landowners and tenants landscape wide, with detailed thought given to tenure, taxation, corporate governance, and commercial aspects. We have all that is required and more to help make these exciting projects a success.

Environmental Social Governance

Many of our clients share our strong Environmental Social and Governance “ESG” values and we help them to balance progress with a purposeful agenda, in support of a more sustainable economy. We are always delighted to work with clients looking to promote not only the environment, but also social opportunities and good governance. Many of the projects we advise upon in the natural capital space are also delivering social benefits through public access, or providing healthier built and natural environments. Much of the governance that we help to put in place is intended to secure a sustainable future for these projects.

Case studies

Case studies

Environment Bank

Michelmores advised on the innovative partnership between Environment Bank and specialist alternative asset manager Gresham House to introduce a first-to-market compliance solution driving biodiversity net gain (BNG).

This involved structuring and drafting the suite of legal documents required to support the business model in line with the requirements of the Environment Act 2021.


We have been instructed to advise Revere in relation to UK-focused woodland creation projects as part of their exciting work in the natural capital market.

North Devon UNESCO Biosphere

We are working with the North Devon UNESCO Biosphere in relation to the structure and design of long-term, collaborative schemes between landowners and other stakeholders for environmental gains. A key focus has been on scheme design to ensure it enables and encourages uptake and allows delivery via a mix of public and private funding (blended finance). This included advice in relation to the use of an SPV to facilitate the blending of public and private investment.


“We may just be one business, but by helping our clients to navigate the challenges and opportunities of the sustainability landscape, together we can deliver significant impact and positive change.”

Rachel O'Connor, Partner


ESG activity runs through everything that we do at Michelmores.

Being a responsible business

We strive to act as a responsible business, by reducing our impact on the environment, building social capital and harnessing our strengths to support the communities that we operate in. We measure our responsible business efforts through the Planet Mark framework.

Supporting a sustainable economy

We fully support the drive to a more sustainable global and UK economy. As well as chiming with our own principles, growth in the sustainable economy is creating opportunities among our clients, where there is increasing recognition that profit and purpose are compatible. Together with our clients, we are focused on working together to help shape a better world.

Learn more

Team members