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Mary Shellenberg is a hands-on business lawyer and strategic advisor. For more than four decades, she has focused her practice on corporate law, complex transactions and employee benefits. Mary is a relationship-oriented attorney who is pragmatic, detail-oriented and able to establish immediate confidence with clients and their constituents alike. Mary’s combination of sound business judgment and legal skills allow her to provide the workable solutions her clients’ need. Mary is appreciated for her commitment to her clients and responsiveness.

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In her corporate practice, Mary advises on compliance and governance issues and entity selection and formation. She is involved in major transactions such as mergers, acquisitions, divestitures and corporate restructurings, business and corporate financings, as well as a broad array of other deals that are valued from tens to hundreds of millions of dollars. She consistently delivers merit beyond the law by analyzing the immediate transaction and anticipating issues and obstacles that will affect her clients’ ultimate objectives.

In the area of employee benefits, Mary counsels clients regarding the implementation and maintenance of qualified plans, non-qualified plans and executive compensation arrangements. She also advises clients on the correction of plan failures under various voluntary correction programs. In addition, she counsels clients with respect to benefits issues in business transactions.

Mary is a regular speaker at firm sponsored seminars and events, and a frequent contributor to firm publications. In addition to her active legal practice, Mary served on the firm’s Management Committee for many years.

Practice Areas


  • Loyola University Chicago School of Law, J.D., 1974
  • Mundelein College, B.A., 1971


  • Illinois
  • U.S. District Court, Northern District of Illinois


Broad range of business matters with transaction values ranging from $50,000,000 to $325,000,000.

Acquisition of a consumer products manufacturing business involving multiple U.S. facilities and related entities.

Sale of a worldwide group of companies in a series of transaction closings.

Sale of a high-tech equipment manufacturer involving negotiation of related supply and distribution arrangements and establishment of related joint venture.

Strategic acquisition of a start-up software company.

Acquisition of a renewable energy equipment manufacturer.
Sale of a software consulting company to private equity investor.
Structuring, negotiation and closing of various forms of financing including equity based, securitized and traditional loan financings.
Assisting in a cross-border expansion in the Americas through acquisitions and establishment of newly for subsidiaries and joint ventures in Canada, Mexico, Brazil, Argentina and Columbia.


American Bar Association
Chicago Bar Association
Illinois State Bar Association
Japan America Society of Chicago
Professional Activities
Legal Updates/Client Advisories
Advisory Council on Employee Welfare and Pension Benefits Provides Report on Plan Notices and Disclosures
In November 2017, the Advisory Council on Employee Welfare and Pension Benefit Plans (the “Council”) issued a report to the Department of…
BENEFITS EDGE "Information is Power": IRS Starting to Send Penalty Notices Under the Affordable Care Act
Employment, Labor & Benefits Update - April 2017
Discrimination: Chicago Appellate Court Rules that Sexual Orientation is Sex Discrimination By Alan M. Kaplan After the United States…
New Proposed Related Party Debt Regulations
On April 4, 2016, the U.S. Treasury Department and the Internal Revenue Service ("IRS") issued proposed regulations under Internal Revenue…
Employment, Labor & Benefits Update - April 2016
California Supreme Court Delivers Good News for Employers With Respect to Arbitration Agreements By Jiwon Juliana Yhee Plaintiff Maribel…
If You Have 50 or More Employees (or Full-Time Equivalents) or You Are Self-Insured, You Must Report Certain Information To The IRS and…
Employment, Labor & Benefits Update - October 2015
Employment—Reliance on E-law Website May Support Finding of Willfulness Under the FLSA By Jiwon Juliana Yhee In Miles v. HSC-Hopson…
Workers' Compensation and COBRA Coverage: The Forgotten Employer Obligation
Executive Summary: Employers fail to offer COBRA continuation notices to qualified beneficiaries for any number of reasons. However, with…
IRS Issues Guidance on Same-Sex Marriages for Qualified Plans
At long last, on April 4, 2014, nearly 10 months after the U.S. Supreme Court decision in United States v. Windsor, the IRS has released…
Reminder:First PCORI Fee Due July 31, 2013 For Calendar Year Plans
The Affordable Care Act ("ACA") imposed a new fee on plan sponsors and issuers of individual and group policies to fund the…
U.S. Department of Labor Is Investigating Group Health Insurance Plans
1. The DOL Is Conducting Plan Audits. Recently, a client received a letter from the U.S. Department of Labor ("DOL") notifying them that…
Employment Advisory: IRS Issues Proposed Regulations on Employer Shared Responsibility Under the Affordable Care Act
IRS Issues Proposed Regulations on Employer Shared Responsibility Under the Affordable Care Act: What Employers Need to Know The IRS has…
Masuda Funai Hosted Legal Symposium for General Counsel
On June 9, 2016, Masuda Funai hosted a Legal Symposium for General Counsel from across the country at The Glen Club in Glenview, Illinois…