Born in Minneapolis, Minnesota, Fairbank received a Bachelor of Arts degree from the University of California, Santa Barbara in 1971, a Master of Arts from that institution in 1972, and a Juris Doctor from the University of California, Los Angeles School of Law, in 1975.

After being admitted to the State Bar of California in 1975, Fairbank entered private practice as an associate at the firm Overton, Lyman & Prince until 1977.

From 1986 to 1987, Fairbank served as a judge for the Los Angeles Municipal Court, and from 1987 until her appointment to the federal bench in 2007, she served as a judge for the Superior Court of California, County of Los Angeles.

On January 9, 2007, Fairbank was nominated by President George W. Bush to a seat on the United States District Court for the Central District of California vacated by Consuelo Bland Marshall.

She took senior status on March 1, 2012, due to a certified disability.