University of Iowa College of Law, J.D., with distinction, 1989

University of Iowa, B.A., 1986


Illinois, 1989

Carol Thompson is a partner in the firm's Banking and Financial Services Department and has been practicing law since 1989 when she joined Chapman and Cutler LLP.

Carol's experience includes work in the banking and public finance areas. She has extensive experience in acting as counsel to both domestic and foreign banks providing credit and liquidity support for tax-exempt financings for municipal, health care, higher education and not-for-profit borrowers. Carol has also represented commercial banks in structuring secured and unsecured transactions, including asset-based financings, revolving loan and term loan facilities.

Carol currently serves on the board of the Civic Federation of Chicago, an independent, non-partisan government research organization providing analysis and recommendations on government finance issues for the Chicago region and State of Illinois. Previously, Carol served on the board of Women in Public Finance and also served as Chapman's Diversity Co-Partner, a role in which she managed firmwide diversity and inclusion initiatives. 

Representative Transactions

  • Representation of a bank providing letters of credit for $174,150,000 of Chicago Midway Airport Second Lien Revenue Bonds
  • Representation of banks providing letters of credit supporting $400,000,000 in Chicago O'Hare International Airport Commercial Paper Notes
  • Representation of banks providing liquidity support for $470,000,000 in bond issuances for The County of Cook, Illinois
  • Representation of a bank group providing substitute letters of credit for nine series of bonds for a healthcare system
  • Representation of banks purchasing "bank-qualified" bonds for healthcare and not-for-profit customers
  • Representation of a bank providing funding to a state university under the State of Illinois Short Term Borrowing Act
  • Representation of banks providing liquidity facilities and letters of credit to major cultural institutions, such as the Museum of Contemporary Art, the Chicago Symphony Orchestra, the Lyric Opera of Chicago and the Art Institute of Chicago
  • Representation of several banks providing letters of credit, liquidity facilities, term loans and revolving credit facilities to healthcare providers
  • Representation of banks providing liquidity facilities and a line of credit for the City of Chicago Board of Education
  • Representation of bank syndicates in providing financing for continuing care retirement communities


  • Co-author, "Injunctions Against Letters of Credit in Chapter 11 Proceedings," The Urban Lawyer