DePaul University College of Law, J.D., with honors, 1982

DePaul University College of Law, M.S., Accountancy, with distinction, 1977

University of Colorado at Boulder, B.A., Communication Theory, 1975

University of Colorado at Boulder, B.S., Business, 1975


Illinois, 1983

Steve Frost is of counsel at Chapman and Cutler LLP and was a partner of the firm for more than 23 years. He rejoined the firm in November 2009 after serving for 13 months as a senior counsel in the Office of Tax Policy at the Department of the Treasury in Washington, D.C. In the Office of Tax Policy, he was responsible for the development of administrative guidance and legislative initiatives for pass-through entities. He represented the Administration in developing provisions in the American Recovery and Reinvestment Act of 2009 (and related guidance) and in Congressional staff drafting sessions to prepare the carried interest proposals in H.R. 1935. Also, in his position with the Treasury, he worked closely with the IRS to develop administrative guidance on a number of matters, including cancellation of indebtedness of partnerships, partnership mergers and the treatment of series organizations and cell companies. He also assisted in preparing partnership agreements used in the Public Private Investment Program.

As part of the firm’s Corporate and Securities Department and its Private Equity and Hedge Fund Group, his practice focuses on representing institutional investors, both tax-exempt and taxable, in investment funds, including private equity and hedge funds, and in structured finance. Steve is also a registered CPA in Illinois.


As an ABA Advisor and Uniform Law Commissioner from Illinois, Steve has helped draft the following partnership and LLC statutes with individual adoptions in as many as 35 states, Puerto Rico and the US Virgin Islands:

  • The Uniform Limited Liability Company Act (2006)
  • The 1997 LLP amendments to the Uniform Partnership Act (1997)
  • The Uniform Limited Partnership Act (2001)
  • The Model Entities Transactions Act (2005)

Pertinent additional information

  • Commissioner from the State of Illinois to the National Conference of Commissioners on Uniform State Laws (“NCCUSL”); Past Member of the Executive Committee; Past Chair and current member, Joint Editorial Board on Unincorporated Business Acts, a committee of NCCUSL commissioners and ABA Business Section representatives that considers changes to unincorporated organization uniform laws; drafting committee member of the Implementation of the Hague Convention on Protection of Children in the Uniform Child Custody Jurisdiction and Enforcement Act
  • Member, American Law Institute
  • Member, Institute on Illinois Business Law
  • Member, Board of Advisors of the Journal of Passthrough Entities; Column Editor on Finance Techniques
  • American Bar Association; Past Chair of Tax Section’s Partnerships and LLCs Committee; Past Chair of the Tax Section’s Task Force on LLCs and LLPs
  • Chicago Bar Association; Past Chair of the Noncorporate Entities Division of the Section of Business Law; Past Chair of the Section on Federal Income Tax; and Past Chair of the Division on Partnerships, Real Estate and other Tax Sheltered Investment
  • Adjunct Professor; Kent College of Law Masters of Taxation program (2001-2012)
  • Fellow; American College of Tax Counsel
  • Designated as a Leading Illinois Attorney by American Research Corporation, and a Leading U.S. Tax Attorney by Euromoney Publications PLC
  • Vice President of Stevenson High School District 125; Past member, Board of Directors of the Stevenson High School Community Foundation


Steve has authored or co-authored articles and columns in a variety of periodicals, including the following publications: 

Business Lawyer, Journal of Taxation, TAXES Magazine, Tax Notes, Journal of Real Estate Taxation, Journal of Limited Liability Companies, Journal of Passthrough Entities, Journal of Taxation of Financial Products, Illinois Bar Journal, Illinois Institute of Continuing Legal Education Coursebooks, Practicing Law Institute Programs, and New York University Federal Tax Institutes


Steve has spoken on investment related legal matters to a variety of organizations, including the New York State Bar Association, the Federal Trade Commission, the National Association of Public Pension Attorneys, the Chicago Kent College of Law Annual Federal Tax Institute, Tax Executives Institute, New York University Tax Law Institute, University of Chicago Law School Annual Federal Tax Conference, Tax Section of the State Bar of Texas and Texas Institute of Continuing Legal Education, American College of Investment Counsel, American Institute on Federal Taxation, Colorado Bar Association, University of Texas School of Law, Illinois Institute for Continuing Legal Education, Chicago Bar Association, Willamette University College of Law, Maryland Institute for Continuing Professional Education of Lawyers, National Institute of Tax Professionals, American Law Institute - American Bar Association Oregon Law Institute, Managed Funds Association, Practicing Law Institute, Cardozo Law School, American Institute of Certified Public Accountants, and Opal Financial Group.

Honors & Awards

American Bar Association – Lawrence Katz Memorial Service Award, 2012