Elizabeth Gray

  • Lecturer

Elizabeth P. Gray is a partner in Willkie Farr & Gallagher’s Litigation Department and co-chair of the Securities Enforcement Practice Group. She represents investment advisers, investment companies and their boards, accounting firms, broker-dealers, self-regulatory organizations, public companies and senior executives facing examination, investigation and litigation by financial regulators. She counsels clients on cybersecurity regulation and breach response, and conducts investigations on behalf of audit committees and other committees of the board.

Gray was named by Law360 in 2016 among the 25 Most Influential Women in Securities Law, an elite list including current and former senior regulators and private practitioners who have achieved impressive success in securities litigation and enforcement., She received the Women of Influence Award in Securities/Capital Markets Law in 2017 by Best Lawyers and the Coalition of Women’s Initiatives in Law. From 2017-19, Gray served as a member of Law360’s Securities Editorial Advisory Board.

Gray worked for 12 years at the U.S. Securities and Exchange Commission, both in the Division of Enforcement and the Office of Tender Offers in the Division of Corporation Finance, as well as counselor to Chairman Arthur Levitt. She was chair of the SEC’s Microcap Working Group, and ultimately served as assistant director in the Division of Enforcement, where she supervised the investigation, prosecution and settlement of a broad array of securities law cases.

Following her tenure at the SEC, Gray was general counsel and chief operating officer of Comprehensive Neuroscience, Inc., a clinical trials management company, and founder and chief operating officer of Gabriel Pharma LLC, an early stage biotechnology company.

Gray is a frequent lecturer at conferences on securities regulation, enforcement and cybersecurity, and an author. She is co-chair of the American Bar Association’s Committee on Federal Regulation of Securities, Subcommittee on Civil Litigation and Enforcement.Gray serves on the board of directors of the Jane Goodall Institute, and on the Advisory Committee of the USF Cybersecurity for Executives Certificate Program. In 2016, she was invited to join the Harvard Kennedy School’s Women’s Leadership Board. In 2020, she became a member of the advisory group to The Digital Dollar Project, a multi-stakeholder initiative to advance exploration of a United States Central Bank Digital Currency.




  • J.D.
    University of Virginia School of Law
  • B.A.
    Dartmouth College

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