Wallace earned his bachelor of science in finance at Birmingham-Southern College in 1998 and his law degree at the University of Alabama School of Law in 2001. He practiced as an attorney in the partnership of Dawson & Wallace, specializing in criminal defense and civil rights cases.
He defeated Amber Ladner in the 2010 Democratic primary and Republican incumbent Gloria Bahakel for his seat in the general election. He was re-elected without opposition in 2016. Notable cases assigned to Wallace's court include the 2012 Ensley Highlands murders.
Wallace is married and has two sons.
- Stein, Kelsey (December 1, 2013) "Birmingham leaders you should know: Stephen Wallace." The Birmingham News