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, not-for-profit organizations, and municipal entities across the country, as well as many of the most recognized cultural institutions in Chicago and elsewhere. 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 lines of credit, construction loan and term loan facilities.

Carol serves on the executive committee of the Civic Federation of Chicago and is the chair of their Criminal Justice Subcommittee. Carol represents the Civic Federation as a member of the Illinois Supreme Court Commission on Pretrial Practices Implementation Task Force. She is a past board member for Women in Public Finance, and has been named among Chicago’s Notable Women Lawyers by Crain’s Chicago Business. Early in her career Carol served as a Public Interest Law Initiative Fellow for the AIDS Legal Council of Chicago. 

Carol currently serves as a member of the firm's Executive Committee, Policy Committee and Internal Affairs Committee and has previously served as chair of Chapman’s Partner Review Committee and 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 Matters

  • Member of the Bank Counsel team for 2019 Bond Buyer Deal of the Year
  • Representation of banks providing tax-exempt and taxable facilities to major cultural institutions, such as the Museum of Contemporary Art, the Chicago Symphony Orchestra, the Lyric Opera of Chicago, the Lincoln Park Zoo, the Art Institute of Chicago, the Museum of Science and Industry, and the Adler Planetarium
  • Representation of bank group in connection with the recent construction of a presidential library
  • Representation of numerous banks in connection with lines of credit to provide liquidity for the health care and higher education sectors during the COVID-19 pandemic
  • Representation of bank syndicates for multiple health care transactions in which borrowers issued new debt while replacing their master trust indentures
  • Representation of banks providing liquidity facilities and lines of credit for the City of Chicago Board of Education, The County of Cook, Illinois and the City of Chicago
  • Representation of bank syndicates in providing financing for continuing care retirement communities


Civic Federation of Chicago

  • Member, Executive Committee
  • Chair, Criminal Justice Subcommittee

Women in Public Finance


Illinois, 1989


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

University of Iowa, B.A., 1986

Notable Engagements



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

We have always been focused on finance.

  • 1913
    TS Chapman partners with Henry Cutler to form Chapman and Cutler
  • 1st
    Chapman's first client in 1913 is still a client of the firm today
  • 22
    Diverse financial practices serving regional, national, and global clients
  • 6
    Offices across the country and in key US financial centers

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