Overview
Rachel Cannon is a go-to lawyer and creative strategist for individuals and companies facing high-stakes legal challenges. Described by Chambers as "a true advocate," "really smart, really strong, and really skilled," and someone who "knows her way around the courtroom," she focuses her practice on trial work, investigations, white-collar criminal defense, corporate governance, and complex civil litigation. A former federal prosecutor and seasoned trial lawyer, she has tried 19 jury trials and dozens of bench trials, and has briefed and argued numerous cases in the US Court of Appeals.
Over the past decade Rachel has achieved a number of high-profile successes for individuals and companies charged criminally or sued civilly. These results range from securing full dismissals of criminal and regulatory matters, to winning denials of preliminary injunctions, to securing dismissals of civil complaints. As select examples, Rachel recently secured the dismissal of a federal criminal indictment brought against a CEO in a high-profile white-collar matter. She defeated the CFTC in its effort to enjoin a commodities trader from trading based on accusations of market manipulation. She has also convinced regulators to forego charging a wide variety of clients, ranging from an advertising agency under investigation in a high-profile antitrust matter, to an importer caught in the crosshairs of EPA and Customs violations, to a member of the C-suite ensnared in a high-profile public corruption investigation.
Rachel is also an experienced investigator. She has conducted internal investigations for all manner of organizations, including global publicly traded and privately held companies, professional sports teams, and non-profits, on matters ranging from accounting fraud to bribery to sexual misconduct. Rachel's investigative skills have led Chambers to describe her "analysis [as] spot on and her interview skills [as] outstanding." Rachel also provides corporate governance advice to organizations facing delicate board and management questions.
Rachel also works extensively in cryptocurrency matters, and advises entrepreneurs about regulatory issues surrounding cryptocurrencies, initial coin offerings, and blockchain technology. She helps companies conduct regulatory and other types of due diligence in connection with offering or accepting cryptocurrencies for payment. She has also helped secure declinations for cryptocurrency companies before the Securities and Exchange Commission.
Rachel previously served as an Assistant United States Attorney in Chicago, where she supervised the bankruptcy fraud program and prosecuted a wide variety of fraud cases involving more than US$100 million in losses. During her time as a federal prosecutor she successfully indicted and prosecuted a wide variety of corporations and individuals, including executives, doctors, investment advisors, consultants, real estate developers and public officials, among others. Rachel received a number of awards during her time as an AUSA. She also served as a periodic trial advocacy instructor for the CFTC, the DOJ, and the SEC.
Rachel teaches Trial Advocacy as an adjunct professor at Northwestern Law School and is active in a variety of charitable and civic organizations including the women’s boards of the Art Institute of Chicago and Joffrey Ballet, the board of the Chicago Bar Foundation, and the Economic Club of Chicago.
- Illinois
- US Court of Appeals, Eleventh Circuit
- US Court of Appeals, Seventh Circuit
- US District Court, Northern District of Illinois
- US District Court, Northern District of Illinois, Trial Bar
- J.D., University of Chicago Law School, 1998
- B.A., University of Chicago, 1994, with Honors, Phi Beta Kappa
Areas of Work
Representative Matters
- Secured full dismissal, with prejudice, of indictment against CEO in fraud and conspiracy case (USA v. Willing et al., 4:23-cr-00077, D. Utah)
- Negotiated plea agreement for corporation charged in one of the largest criminal trade secret theft cases in the world; plea agreement reduced corporate defendant’s potential fine exposure by hundreds of millions of dollars (USA v. Hytera Communications Corp., 20 CR 688, N.D. Illinois)
- Successfully argued before the Judicial Panel on Multi-district Litigation to create MDL for infant formula cases, In Re: Abbott Laboratories, Et Al., Preterm Infant Nutrition Products Liability Litigation, MDL No. 3026
- Successfully prevented the CFTC from enjoining a Chicago trader and his trading firm in a "spoofing" and market manipulation case. (CFTC v. Igor B. Oystacher and 3Red Trading, LLC, 15-cv-9196, N.D. Illinois).
- Conducted an internal investigation for a Chicago professional sports team into alleged sexual misconduct by staff coach.
- Successfully prevented New York talent from indictment in high-profile DOJ criminal antitrust probe.
- Successfully represented lender in Park Lane Hotel DOJ asset forfeiture case. (United States v. Park Lane Hotel, 16-cv-05370, C.D. California).
- Successfully represented antitrust expert in a dispute with the state of Illinois over the disclosure of expert income. (Illinois v. AU Optronics Corp. et al., 10-CH-34472, Cook County Circuit Court).
- Secured immunity grant for a major metropolitan city in a criminal probe of open records violations.
- Successfully dismissed a $5 million breach of contract claim against a railroad company. (Prewett Enterprises, Inc. v. Cedar River Railroad Co. et al., 1:18-cv-04254, N.D. Illinois).
- Has led multiple internal investigations at the request of senior management or the board of directors for numerous global and local companies into a wide variety of allegedly improper activities committed by employees and other affiliates.
- Has secured declinations of prosecution for multiple individuals ensnared in DOJ investigations around the country
News & Publications
Media Mentions
August 28, 2024
Press Releases
Steptoe Achieves Full Dismissal for Client Jordan Willing in "Dinosaur Bones Case"
August 22, 2024
Press Releases
Steptoe Receives Two China Business Law Journal 2023 Deal of the Year Awards
March 20, 2024
Press Releases
February 21, 2024
Press Releases
Steptoe Receives 25 Practice, 72 Individual Mentions in Chambers USA 2023
June 1, 2023
Media Mentions
Bloomberg Law Quotes Rachel Cannon Discussing Chicago's Next US Attorney
March 21, 2023
Client Alerts
Deputy Attorney General Monaco Announces Key Updates to Corporate Criminal Enforcement Policies
October 12, 2022
Press Releases
National Law Journal Names Rachel Cannon a Trailblazer in Cryptocurrency, Blockchain, and Fintech
September 1, 2022
Press Releases
Steptoe Receives 27 Practice, 72 Individual Mentions in Chambers USA 2022
June 3, 2022
Noteworthy
- The Best Lawyers in America®, Criminal Defense: White-Collar (2025)
- Chambers USA, Litigation: White-Collar Crime & Government Investigations, Illinois (2021-2024)
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China Business Law Journal Deal of the Year (2023-2024)
- Crain's Chicago Business, Chicago Business' Notable Women in Law (2024)
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National Law Journal, "Trailblazers in Cryptocurrency, Blockchain & FinTech" (2022)
Previous Employment
- Assistant US Attorney, US Attorney's Office, Northern District of Illinois (2003-2015)
- Assistant State’s Attorney, Cook County State’s Attorney’s Office (2000-2003)
Professional Affiliations
- Adjunct Professor of Law, Northwestern Law School (Trial Advocacy)
- Economic Club of Chicago
- Board of directors, Chicago Bar Foundation
- Woman’s board of directors, Art Institute of Chicago
- Women’s board of directors, Joffrey Ballet