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Karol is a partner in the Firm's Financial Institutions Group. Her practice concentrates on corporate activities and regulatory issues of financial institutions, about which she has counseled banks for over 30 years. Her special emphasis is on the distribution of nontraditional bank products, including annuities, insurance, mutual funds, prepaid cards and other deposit account access devices, and the myriad of federal and state laws and regulations that apply to those activities. She is the author of Insurance Activities of Banks, the definitive text on that subject and co-author of The Keys to Banking Law: A Handbook for Lawyers, published in 2012.

Karol’s national practice was anchored during her four-year term as Chair of the American Bar Association’s 1,500 member Banking Law Committee. She is a frequent lecturer on issues relating to the regulation of financial institutions and is one of the founders, and served on the faculty, of Banking Law Basics, a three-day primer on banking law, sponsored by the ABA-CLE, and presented twice annually in San Francisco and Boston from 1998 through 2010 and is one of the faculty of the successor program Banking Law Fundamentals sponsored by Boston University School of Law and Berkeley law School. Over 1,600 lawyers from across the United States and abroad have attended these courses.

From 2001-2008, Karol taught banking and commercial law at the University of Iowa College of Law and has been a guest lecturer on banking law at the respective law schools of Northwestern, Boston University, American University and George Washington University.  She was an adjunct professor at Wake Forest University School of Law, teaching contract drafting, secured transactions and financial services regulation, from 2008-2014, and is now a lecturer of law at the Boston University School of Law Graduate Program in Banking and Financial law.

Karol is a past chair of the Banking Law Committee of the Business Section of the American Bar Association (1998-2002), having been an active member of the committee since 1985. She was a member of the Council of the Business Law Section of the ABA, the governing body of that organization, for a term ending in August 2008. As a member of the Council, she served on the Financial Committee and the Revenue Committee.  Having been a member of the Publications Board since 2006, she was its Chair from 2012-2014.

Professional Activities & Honors

  • Winner of the Client Choice Award, Banking category for Illinois, Lexology Client Choice Awards USA (2016)
  • Selected, Leading Lawyers Network (2005-2016)
  • Lecturer of Law, Banking and Financial Law, Boston University School of Law Graduate Program (2015)
  • Chair, Publications Board, Business Law Section, American Bar Association (2012-2014)
  • Adjunct Professor, Wake Forest University School of Law (2008-2014)
  • Vice Chair, Publications Board, Business Law Section, American Bar Association (2010-2012)
  • Distinguished Practitioner in Residence, Elon University School of Law (2008-2010)
  • Council Member, Business Law Section, American Bar Association (2004-2008)
  • Adjunct Professor, University of Iowa College of Law (2001-2008)
  • Member, Board of Advisors of the Center for Banking and Finance, University of North Carolina Law School at Chapel Hill
  • Banking Law Committee Chair, Business Law Section, American Bar Association (1998-2002)

Other Events & Speaking Engagements

  • Faculty: Banking Law Basics, ABA-CLE twice annually since 1998 and Banking Law II, ABA-CLE, 2004 - present
  • Frequent speaker on bank insurance issues at national CLE seminars

Articles & Publications

  • Insurance Activities of Banks, Aspen Law & Business (March 1998 and updated annually)
  • Mixing Banking and Insurance after Gramm-Leach-Bliley, Standard & Poors Review of Banking and Financial Services (2000)
  • Freeing the Banks: What does Gramm-Leach-Bliley Do?, Business Law Today (2000)
  • Is State Insurance Regulation Headed for Extinction?, Patricia McCoy, Editor, Financial Modernization After Gramm-Leach-Bliley (Matthew Bender & Co. 2002)
  • Untangling Bank Regulation from State Insurance Regulation, Chapter 4, Clifford E. Kirsch, Editor, The Financial Services Revolution: Understanding The Changing Roles of Banks, Mutual Funds and Insurance Companies (Richard D. Irwin 1997)


Indiana University School of Law, J.D., 1979

Butler University, B.A., 1973

Sweet Briar College, 1969-1971

Bar & Court Admissions

  • State of California
  • State of Illinois
  • State of Indiana
  • State of New York
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