Lis is a divorced woman. On 23 June 2006, Lis got married to Mickey Sherman. Mickey Sherman is a well known criminal defense attorney. In 2012, they announced that they were separated and their divorce was finalized the same year.
Lis was raised in Yakima, Washington in a middle-class family. She earned her high school graduation from West Valley High School and then she joined Barnard College. She received her undergraduate degree from there and then she finally earned her bachelor's degree in 1983.
In 1990, she began serving as United States Attorney's Office as an executive assistant. She worked there till 1995. She also worked at University of Washington Law School as an associate professor. At the end of 2000, she joined CBS affiliate KIRO-TV where she worked as a legal analyst. In 2001, she joined Fox News as a legal analyst and worked in the channel until 2017.
In 2017, Lis made sexual harassment allegations against Bill O'Reilly and received a $32 million settlement from the American journalist. On January 17, 2017, Lis signed an affidavit stating that she and O'Reilly had settled their dispute.
The American author and legal analyst has an estimated net worth of $25 million. Lis made her fortune after O'Reilly and she settled for a $32 million for the sexual allegations.