Chicago · IL · Vetted Directory

Securities Lawyers in Chicago

Facing an SEC subpoena out of the Chicago Regional Office, defending a FINRA arbitration, structuring a private placement under Reg D, preparing an S-1 for IPO, or sitting on a Section 10(b) class action? The firms below cover SEC enforcement defense, broker-dealer regulation, capital markets, private fund formation, and securities litigation for Chicago issuers, financial professionals, and institutions.

5
Vetted Firms
Region 5
SEC Chicago Office
14-18 mo
FINRA Arb Timeline

Updated December 28, 2025

When a Chicago business needs a securities lawyer

Chicago is one of the most important securities markets in the world. The Cboe Global Markets (formerly Chicago Board Options Exchange), CME Group (the world's largest derivatives exchange), CBOT, and a deep base of futures commission merchants, proprietary trading firms, and electronic market makers anchor the city. Add a long roster of registered investment advisers, mutual fund complexes, hedge funds, private equity sponsors (GTCR, Madison Dearborn, Thoma Bravo, Vista, Wind Point), wealth managers, and broker-dealers, and Chicago has the second-largest securities bar in the United States after New York.

The SEC's Chicago Regional Office is one of the most active enforcement offices in the country. It supervises securities laws across Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri, Ohio, and Wisconsin. The U.S. Attorney's Office for the Northern District of Illinois brings parallel criminal securities cases. The Illinois Secretary of State's Securities Department administers the Illinois Securities Law of 1953. FINRA's Chicago District 8 office handles broker-dealer examinations. The Commodity Futures Trading Commission and National Futures Association add commodity-futures oversight that intersects with broker-dealer and adviser work in Chicago specifically.

The most common reasons Chicago entities and individuals retain securities counsel: SEC subpoena, Wells notice, or testimony invitation; FINRA examination or 8210 letter; FINRA arbitration filed by a customer or by a registered representative against a firm; private placement (Reg D 506(b)/506(c), Reg A+, Reg CF) being structured or already underway; IPO or follow-on offering preparation; PIPE or private investment transaction; SPAC formation, de-SPAC, or PIPE; investment adviser registration with the SEC or Illinois; broker-dealer registration; insider-trading 10b5-1 plan adoption; tender offer or going-private transaction; or class action under Section 10(b), Section 11, or the Illinois Securities Law.

Bring securities counsel in early. The SEC's enforcement timeline runs in weeks, not months — Wells submissions, testimony preparation, document production, and tolling agreements all happen on short windows. Private offerings have integration, general solicitation, and bad-actor rules that are easy to break and hard to unwind. A 30-minute call before the term sheet, the offering letter, or the subpoena response saves a year of remediation.

Firms in Chicago that handle securities

1

Kirkland & Ellis LLP

Tier 1 Litigation - Securities (Chicago, U.S. News)Top-tier BigLaw rates

Chicago-headquartered global firm. Tier 1 securities litigation practice combined with dominant capital markets (PE-backed IPOs, high-yield, leveraged finance) and government enforcement defense and internal investigations groups. Mark Filip, a former federal judge and senior DOJ official, helped build the enforcement defense practice. Default short list for high-stakes SEC enforcement, complex securities class actions, and Chicago-based IPOs.

External listingEnglishChicago (HQ) + global
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2

Sidley Austin LLP

Chambers USA Band 1 (Securities, Capital Markets, IL)Top-tier BigLaw rates

Chicago-headquartered global firm. Substantial securities practice across capital markets (IPOs, debt, equity-linked), investment management (mutual funds, ETFs, RIAs), broker-dealer regulation, securities litigation, and SEC enforcement defense. Particular strength representing financial institutions, insurers, fund complexes, and exchanges.

External listingEnglishChicago (HQ) + global
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3

Mayer Brown LLP

Chambers USA-ranked (Securities, IL)Top-tier BigLaw rates

Chicago-headquartered global firm. Strong capital markets practice (debt, structured products, securitization), banking and financial services regulation, derivatives and futures regulation (CFTC/NFA), and securities enforcement defense. Frequent counsel for global banks, exchanges, and futures commission merchants on Chicago-specific regulatory matters.

External listingEnglishChicago (HQ) + global
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4

Lewitas Hyman PC

Boutique with former SEC enforcement leadershipBoutique SEC/FINRA defense rates

Chicago boutique focused on securities regulatory and enforcement defense. Founding partner Bruce Lewitas began his career as an SEC Enforcement attorney. Partner Amy Hyman worked over two decades at the SEC, including as Assistant Director for Enforcement in the Chicago Regional Office. Represents broker-dealers, registered representatives, investment advisers, and individuals in SEC and FINRA matters, investment-loss disputes, employment defections, and internal investigations.

External listingEnglishChicago
Visit Firm WebsiteRequest Free Consult
5

Barack Ferrazzano Kirschbaum & Nagelberg LLP

★★★★★4.8/5(94 reviews)Hourly $625-$925

Chicago middle-market business firm with substantial securities practice. Strong in private placements, fund formation, public-company securities counseling for middle-market issuers, and securities litigation for middle-market clients. Pragmatic economics for matters that don't need top-tier BigLaw rates.

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What securities work typically costs in Chicago

Private placement (Reg D 506(b)/506(c)). Standalone documents, accredited verification, Form D, blue sky: $15,000-$60,000 for a clean placement. Larger or multi-tranche offerings $50,000-$200,000.

IPO (Form S-1). Issuer's counsel typically $1.5M-$4.0M for a $100M-$500M IPO. Underwriter's counsel separately. Add audited financials, comfort letters, FINRA compensation review.

Public-company quarterly counseling (10-Q, 10-K, 8-K, proxy). $120,000-$500,000/year, scaled to issuer size and disclosure complexity.

Investment adviser SEC registration (Form ADV). $15,000-$40,000 initial. $8,000-$25,000/year ongoing compliance counsel.

Broker-dealer registration / new member application (NMA). $50,000-$175,000 through FINRA approval.

SEC enforcement defense. Subpoena response through closing or settlement: $250,000-$2.0M+ at top-tier Chicago firms; $150,000-$750,000 at boutiques for individual respondents.

FINRA arbitration (customer-initiated). Through hearing: $75,000-$400,000 for the respondent firm/RR. Customer-side counsel often on contingency (typically 33-40% of recovery).

Section 10(b) securities class action defense. Through motion to dismiss: $500,000-$2.0M. Through summary judgment: $2.5M-$10M+. Through trial: substantially higher.

Hourly rates. Top-tier Chicago securities: $925-$1,650+. Mid-market/Barack Ferrazzano tier: $525-$925. Boutique SEC/FINRA defense: $500-$900.

Typical timelines for Chicago securities matters

Reg D 506(b)/506(c) closing: 2-8 weeks from term sheet for a single-tranche placement. Form D filed within 15 days of first sale.

Form S-1 IPO: 4-9 months from organizational meeting to pricing, depending on issuer readiness, audited financials, and SEC staff comments.

SEC enforcement investigation: 12-30 months from first subpoena to Wells notice. 6-12 months additional from Wells submission to final order.

FINRA arbitration: 14-18 months from statement of claim to final award.

Section 10(b) class action: 3-7 years from filing to resolution. Most resolve at motion to dismiss or after class certification.

Illinois Securities Department registration: 4-12 weeks from application.

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Securities Law in Chicago — FAQ

I got a Wells notice from the SEC. What do I do?
A Wells notice tells you the SEC staff intends to recommend an enforcement action against you and gives you the opportunity to make a written submission (a Wells submission) before the Commission votes. You have a short window — usually a few weeks — to engage counsel, review the staff's evidence, and decide whether to submit. The Wells process is the most important advocacy point in the entire enforcement timeline. Engage Chicago securities defense counsel immediately. Do not respond to staff yourself.
What does SEC enforcement defense cost in Chicago?
Investigation defense from subpoena through closing or settlement typically runs $250,000-$2M+ at top Chicago securities defense firms, depending on the complexity of the underlying conduct, the volume of documents and witnesses, and whether the matter resolves at the staff or Commission level. Boutique SEC/FINRA defense firms with senior former-SEC partners often handle individual respondent defense at $500-$900/hour, substantially below BigLaw rates.
Is FINRA arbitration faster than court?
Usually yes. A typical FINRA Dispute Resolution arbitration runs 14-18 months from filing to award for a customer case, faster than most federal securities class actions. Discovery is narrower than court. Hearings are usually 3-7 days. Awards are final with extremely limited grounds for vacatur. Most disputes between brokers, firms, and customers are required to go to FINRA arbitration under the FINRA Customer or Industry Code.
My private placement (Reg D / Reg A) is being structured — when do I bring in securities counsel?
Before the term sheet is finalized. Reg D Rule 506(b), 506(c), and Reg A+ each carry different solicitation, accredited-investor verification, integration, bad-actor, and resale rules. The Form D filing follows within 15 days of first sale. State "blue sky" filings layer on top. A securities lawyer engaged after the offering has started usually finds something that's already broken. Engaged at term-sheet stage, the lawyer keeps you inside an exemption.
Do Chicago securities cases run through state or federal court?
Most federal securities cases (Section 10(b) class actions, Section 11 cases, SEC enforcement when litigated) are heard in the Northern District of Illinois with the Seventh Circuit Court of Appeals above. Illinois state law claims (Illinois Securities Law of 1953 violations and common-law claims) are heard in Cook County Circuit Court. Federal preemption (SLUSA) sweeps most large state securities class actions into federal court. Practical effect: Chicago securities lawyers know both forums and the local procedural rhythm in each.
What is the Illinois Securities Law of 1953?
The Illinois Securities Law of 1953 (815 ILCS 5) is the Illinois state "blue sky" statute. It requires registration of securities offered in Illinois (or qualification under an available exemption), registration of dealers and salespeople, and provides civil remedies for purchasers who buy securities sold in violation of the Act. The Illinois Securities Department within the Secretary of State's office administers the statute. Chicago securities counsel will assess Illinois Securities Law exposure alongside federal Reg D and state notice-filing requirements on every private offering.

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