Knowledge (XXG)

Chicago Options Associates

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retainer) and the security retainer. A classic retainer was described by the court as one used in an attorney-client relationship for a set length of time or a particular purpose. A security retainer referred to a deposit kept in a trust account by the attorney, distinct from their own assets. The case was the first recognition of advance payment retainers in Illinois.
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The original case was between plaintiff Brian Dowling and defendants Chicago Options Associates and Michael E. Davis, in which Dowling won a judgement of $ 817,830.45 from the defendants. After the court entered its judgement against him, Davis then tried to shield his assets from the plaintiff using
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When Dowling's attorneys learned about the retainer to DLA Piper they asked the court to order the return of the retainer to the plaintiff, and the circuit court ruled in favor of Dowling. On appeal, the decision was upheld. The Illinois Supreme Court reversed the circuit-court decision, ruling that
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observed in 2009, "The starting point for any discussion of getting paid for work in the private practice of law is retainer fees. In Dowling v Chicago Options Associates, Inc ... the supreme court identified three types of lawyer retainer fees that are permissible in this state ..." and
363:. As part of this arrangement, Davis transferred funds into a trust account controlled by DLA Piper. At that time, as stated in the contract between DLA Piper and Davis, the law firm was allocated $ 100,000 of those funds as its retainer; the funds were used to pay day-to-day company expenses. 388:
retainer, a fee given to an attorney for later services to a client. An advance payment retainer became part of an attorney's assets as soon as it was paid, regardless of subsequent events. More common types of retainer defined by the court included the classic retainer (also known as a true
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briefs in the case, favoring the law firm's position. This decision by the Illinois Supreme Court was the first time the concept of "advance payment retainer" was recognized in the state, and the court codified its ruling into a 2009 regulation affecting legal practice in Illinois.
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to analyze the company's pricing-model strategy; Wales left his graduate program to join the company as research director, serving in that capacity from 1994 through 1998. He was adept at determining future movements of foreign currencies and
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when a creditor argued that it was owed monies from the defendants after judgments were obtained against them. The court ruled against the creditor and in favor of the law firm, stating that the retainer owed to the firm took precedence. In
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On July 1, 2009, the Illinois Supreme Court codified the definitions set forth in the case as a rule applicable to the practice of law in the state; known as Rule 1.15(c), it came into practice on January 1, 2010. The
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noted, "Paragraph (c) of the rule reflects the recent supreme court decision in Dowling v Chicago Options Associates, Inc (4) and describes in detail the so-called advance payment retainer recognized in Dowling."
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Resnicoff, Steven H. (Fall 2010). "Illinois' New Legal Ethics Rules: A Disappointing Travail, A Lesson for All, and Their Impact on the Practice of Business and Commercial Law".
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Chozick, Amy (June 29, 2013). "Jimmy Wales isn't a billionaire; He hasn't capitalized on Knowledge (XXG), but still lives a jet-setter's life".
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401 S. LaSalle Street Suite 302 Chicago Illinois 60605 USA ... Registration No: FC018368 ... Incorporation Date: January 24, 1995
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Bernabe, Alberto (Spring 2011). "Recent Developments in the Law of Lawyering: The New Illinois Rules of Professional Conduct".
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Bodenstein, Ira; Vipin R. Gandra (November 2007). "In this Issue: Retainers in Illinois After Dowling: Yours, Mine or Ours".
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of Chicago Options Associates in 1994 was Michael Davis, and the company had established a successful reputation in Chicago.
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Lawyers USA Staff (May 21, 2007). "Law firm can keep retainer despite creditor claims, rules Illinois Supreme Court".
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Lundberg, Donald R. (March 2011). "Ethics Curbstone: Fun with Refundability: When Lawyers Owe Their Clients Money".
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and appellate courts agreed with Dowling, the Illinois Supreme Court reversed and found with DLA Piper. The
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Registered Address: 401 S. LaSalle Street, Suite 302, Chicago, Illinois 60605 USA; Registration NO FC018368
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Tailor, Sanjay T.; Thomas More Donnelly (Summer 2007). "Survey of Illinois Law: Enforcement of Judgment".
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Edemariam, Aida (February 19, 2011). "Saturday: The Saturday interview: Master of the know-alls".
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his attorney-client relationship with the law firm of DLA Piper to assist him in buying a home in
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Spirrison, Brad (December 4, 2006). "For the record, Knowledge (XXG) has some roots in Chicago".
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The Knowledge (XXG) Revolution: How a Bunch of Nobodies Created the World's Greatest Encyclopedia
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Doran, James (December 23, 2006). "Curiosity filled the biggest textbook in the world; Factbox".
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Creamer, Robert A. (October 2009). "Get ready for Illinois' new rules of professional conduct".
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Spirrison, Brad (November 13, 2006). "GoPicnic poised for takeoff as Stamberger strikes back".
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Gunnarsson, Helen W. (June 2007). "The Illinois Supreme Court OKs advance payment retainers".
193: 17: 1463: 609: 1529: 1517: 849: 257: 253: 180:, plaintiff Brian Dowling successfully sued the company (and Davis), winning a judgement of 146: 142: 118: 114: 1416: 384:
briefs in the case favoring the law firm's position. The case dealt with the concept of an
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by transferring funds to a law firm, DLA Piper, which had assisted him in buying a home in
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Levin, John (June 2011). "Legal Ethics: There is More to a Fee Dispute Than the Rules".
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of $ 100,000 to DLA Piper; Dowling maintained that he was owed this money. Although the
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from that school in 1981. The company originally had offices in Chicago and
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Outside Innovation: How Your Customers Will Co-Design Your Company's Future
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In 2007, the company was the subject of a decision in a lawsuit before the
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Miller, Brian (2008). "Recent Ethics Opinions and Cases of Significance".
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Richmond, Douglas R. (2009). "Understanding Retainers And Flat Fees".
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referred to the legal descriptions as "Dowling fee classifications".
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The case became a parameter for defining retainers in Illinois. The
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Craig, Elise (April 2013). "The Encyclopedic Mind of Jimmy Wales".
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Tarantino, John A.; Walter J. Frajola; Patrick T. Barone (2013).
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West's Smith-Hurd Illinois compiled statutes annotated, Part 750
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Tham, Irene (September 3, 2008). "Know when to kill your baby".
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as research director; Wales served in this position until 1998.
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Trading firm for options and futures contracts (founded 1987)
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the retainer was the property of DLA Piper and not Dowling.
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The Illinois Survival Guide: Best Practices for New Lawyers
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817,830.45 from both defendants. Davis tried to shield his
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Gillers, Stephen; Andrew M. Perlman; Roy D. Simon (2009).
1032:. Board of Trustees of Southern Illinois University: 819. 813:. Athena Information Solutions Pvt. Ltd. January 3, 2012. 325:, Davis, Shell and Wales formed the initial three-member 1161:
Miner, Jr., Steven A. (September 2013). "Ethics Extra".
824:"Knowledge (XXG) Founder Jimmy Wales to Lecture at UI". 1203:. James Publishing, Inc. pp. 43–45, Section: 321. 536: 534: 532: 1477: 1104:
Murphy, Terrence M. (November 2006). "Murphy's Law".
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Davis joined Wales and Tim Shell in 1996 to form the
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Defending Drinking Drivers, Second Edition, Volume 1
1299:. Illinois: West Publishing Company. pp. 8–10. 332:In 2013, Chicago Options Associates was located on 109: 93: 73: 63: 55: 47: 37: 639: 433:List of companies in the Chicago metropolitan area 1580:Financial services companies of the United States 979: 977: 975: 912:DiBona, Chris; Mark Stone; Danese Cooper (2005). 1595:Financial services companies established in 1987 965:. ICC Information Group Ltd. December 12, 2013. 240:Chicago Options Associates is a finance company 1053:. Loyola University Chicago School of Law: 391. 1080: 1272:Regulation of Lawyers, Statutes and Standards 1078: 1076: 1074: 1072: 1070: 1068: 1066: 1064: 1062: 1060: 947:. ICC Information Group Ltd. August 6, 2013. 8: 1379:DePaul Business & Commercial Law Journal 690:"Jimmy Wales Is Not an Internet Billionaire" 633: 631: 629: 506: 504: 502: 500: 498: 496: 494: 492: 476: 474: 32: 594: 592: 590: 588: 1328: 1326: 1127: 1125: 1123: 1121: 1119: 915:Open Sources 2.0: The Continuing Evolution 870:. Guardian Newspapers Limited. p. 27. 564: 562: 168:The company and Davis were the subject of 31: 1245:"All in the Family: Disgorgement of fees" 353:Dowling v Chicago Options Associates, Inc 341:Dowling v Chicago Options Associates, Inc 1025:Southern Illinois University Law Journal 847:"Mr Know-It-All is giving up billions". 1484: 1132:Maville, John; Heather Fritsch (2011). 541:"Defending politicians, getting paid". 453: 1460:Wikimedia Foundation Board of Trustees 1440:; State of Illinois; Docket No. 102578 1312: 1302: 1274:. Aspen Publishing. pp. 189–191. 1430:Dowling v. Chicago Options Associates 1402:Dowling v. Chicago Options Associates 1046:Loyola University Chicago Law Journal 809:"People Who've Shaped The Internet". 761:. Chicago Sun-Times, Inc. p. 62. 744:. Chicago Sun-Times, Inc. p. 68. 178:Dowling v. Chicago Options Associates 7: 1360:The Journal of the Legal Profession 1243:Gamrath, Celia (December 1, 2013). 1226:The Journal of the Legal Profession 961:"Chicago Options Associates, Inc". 943:"Chicago Options Associates, Inc". 571:The University of Chicago Magazine 25: 1399:Justice Garcia (March 28, 2006). 1251:. Law Bulletin Publishing Company 1547: 1535: 1523: 1511: 1499: 1487: 1469:Former Board of Trustees members 1600:1987 establishments in Illinois 853:. January 16, 2011. p. 23. 772:McNichol, Tom (March 1, 2007). 642:Jimmy Wales and Knowledge (XXG) 161:, hiring then-graduate student 1427:Justice Garman (May 3, 2007). 1345:Illinois State Bar Association 1188:. Chicago Bar Association: 44. 1169:. Chicago Bar Association: 45. 1112:. Chicago Bar Association: 34. 1093:. Chicago Bar Association: 26. 1001:Res Gestae Indiana Bar Journal 688:Chozick, Amy (June 30, 2013). 553:Illinois State Bar Association 467:. London, England. p. 49. 428:Chicago Board Options Exchange 372:Illinois State Bar Association 206:Illinois State Bar Association 18:Michael E. Davis (businessman) 1: 1009:Indiana State Bar Association 963:ICC Directory of UK Companies 881:Seybold, Patricia B. (2006). 252:which specializes in trading 141:which specializes in trading 1295:Edwards, Richard C. (2009). 674:International Herald Tribune 646:. Rosen Pub Group. pp.  149:. It was founded in 1987 by 918:. O'Reilly Media. pp.  826:Targeted News Service (USA) 695:The New York Times Magazine 228:Options and futures trading 1616: 1585:History of Knowledge (XXG) 1570:Companies based in Chicago 887:. HarperBusiness. p.  700:The New York Times Company 133:) is a finance company in 127:Chicago Options Associates 33:Chicago Options Associates 1421:additional alternate link 1138:American Bar Association 988:. Dolan Media Newswires. 523:Illinois Bar Association 236:Michael E. Davis in 2006 157:. In 1994 Davis was its 1249:Chicago Lawyer Magazine 945:ICC Shareholder Reports 774:"Building a Wiki World" 376:Chicago Bar Association 286:chief executive officer 210:Chicago Bar Association 159:chief executive officer 1438:Illinois Supreme Court 348:Illinois Supreme Court 237: 174:Illinois Supreme Court 172:resulting from a 2007 608:. Hyperion. pp.  579:University of Chicago 266:University of Chicago 235: 1473:Wikimedia Foundation 1464:Knowledge (XXG):Meta 1336:Illinois Bar Journal 1140:. pp. 162–165. 836:. February 23, 2011. 638:Susan Meyer (2012). 555:: 69. February 2009. 544:Illinois Bar Journal 514:Illinois Bar Journal 443:Wikimedia Foundation 405:Illinois Bar Journal 395:Illinois Bar Journal 327:Wikimedia Foundation 270:Oliver R. W. Pergams 151:Oliver R. W. Pergams 101:Oliver R. W. Pergams 69:Oliver R. W. Pergams 1575:Business in Chicago 648:29–35, 56–58, 84–86 329:Board of Trustees. 34: 986:Lawyers Weekly USA 438:Outline of finance 293:Indiana University 264:graduate from the 238: 1590:Options (finance) 1281:978-0-7355-7936-1 1210:978-0-938065-11-1 1147:978-1-60442-947-3 929:978-0-596-00802-4 898:978-0-06-113590-3 758:Chicago Sun-Times 741:Chicago Sun-Times 724:The Straits Times 657:978-1-4488-6912-1 619:978-1-4013-0371-6 301:graduate student 274:bachelor's degree 272:, who received a 258:futures contracts 147:futures contracts 124: 123: 119:futures contracts 16:(Redirected from 1607: 1552: 1551: 1550: 1540: 1539: 1538: 1528: 1527: 1516: 1515: 1514: 1504: 1503: 1502: 1492: 1491: 1483: 1449: 1447: 1445: 1435: 1414: 1412: 1410: 1387: 1386: 1374: 1368: 1367: 1355: 1349: 1348: 1330: 1321: 1320: 1314: 1310: 1308: 1300: 1292: 1286: 1285: 1267: 1261: 1260: 1258: 1256: 1240: 1234: 1233: 1221: 1215: 1214: 1196: 1190: 1189: 1177: 1171: 1170: 1158: 1152: 1151: 1129: 1114: 1113: 1101: 1095: 1094: 1082: 1055: 1054: 1040: 1034: 1033: 1019: 1013: 1012: 996: 990: 989: 981: 970: 969: 958: 952: 951: 940: 934: 933: 909: 903: 902: 878: 872: 871: 861: 855: 854: 850:The Sunday Times 844: 838: 837: 821: 815: 814: 806: 800: 799: 797: 795: 790:on March 2, 2007 786:. 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Index

Michael E. Davis (businessman)
For-profit
Chicago
Illinois
Jimmy Wales
options
futures contracts
Chicago
Illinois
options
futures contracts
chief executive officer
Jimmy Wales
litigation
Illinois Supreme Court
US$
assets
Florida
representation
retainer
circuit
Illinois State Bar Association
Chicago Bar Association
amicus curiae
Light-heaired, goateed man in blue sports shirt
incorporated
Chicago
Illinois
options
futures contracts

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