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 is widely known for her work in banking and public finance. She has worked as bank counsel on transactions for major health systems, universities, and municipal entities across the country as well as several of the most recognized cultural institutions in Chicago. Carol has extensive experience serving as counsel to domestic and foreign banks providing credit and liquidity support for tax-exempt financings, and other financing products for health care, higher education, not-for-profit and municipal borrowers, including the direct purchase of tax-exempt indebtedness. She also represents commercial banks in structuring secured and unsecured transactions, including asset-based financings, revolving loan, construction loan and term loan facilities.

Carol serves on the board of the Civic Federation of Chicago and is a past board member for Women in Public Finance. She has been named among Chicago’s Notable Women Lawyers by Crain’s Chicago Business.

Carol currently serves as chair of Chapman’s Partner Review Committee and previously served on the firm’s Policy Committee, which guides the management and direction of the firm. She has served as chair of Chapman’s Employment Committee, which oversees the recruiting and development of associates, including the summer associate program. Carol has also served as co-diversity partner, a role where she worked to expand inclusion and working parent policies, initiatives that contributed to Chapman being named among the 50 Best Law Firms for Women.

Representative Transactions

  • Representation of a bank providing letters of credit for $174.15 million of Chicago Midway Airport Second Lien Revenue Bonds
  • Representation of banks providing letters of credit supporting $400 million in Chicago O'Hare International Airport Commercial Paper Notes
  • Representation of banks providing liquidity support for $470 million 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


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

University of Iowa, B.A., 1986


Illinois, 1989


Civic Federation of Chicago

  • Member, Executive Committee
  • Co-Chair, Criminal Justice Subcommittee

Women in Public Finance

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