Yes, the removal of phenol from water using solvent extraction is well known. There have been many published articles on the subject. I would recommend starting with the Handbook of Solvent Extraction by Lo, Baird and Hanson. An entire chapter covers the phenol extraction process. A possible solvent for this application is methyl isobutyl ketone. The extraction is somewhat unique in the very little ketone per feed is needed. Typical solvent to feed ratios are on the order of 0.05-0.1. This results in low required capital and low energy consumption in the distillation solvent recovery step. The low S/F makes for challenges in selecting the appropriate extraction equipment. The Karr Reciprocating Plate Extractor may be a nice option for this application where the solvent is dispersed.