Seems like ancient history now but way back in March 2008, the Wall Street Journal described bankruptcy as the "hottest growth sector" for law firms. That remains true today. Said the WSJ at the time: A survey of more than 300 attorneys from the country's largest law firms found that a plurality -- one out of every four -- expects bankruptcy law to be the fastest area of growth in the next 12 months. That number exceeds the tally of attorneys who think litigation or corporate governance will be hot growth areas.

When the dust settles on the worldwide economic crisis, national litigation firm McKool Smith will have almost certainly emerged as one of the firms that seized opportunities during difficult times and managed to strengthen its position and grow in stature along the way. In addition to a regular stream of head-turning jury verdicts and the opening of now-bustling offices in Washington, D.C., and New York City, the firm has now added a national bankruptcy practice and hired some of the country's most respected bankruptcy veterans.

Noted bankruptcy attorney Hugh M. Ray leads McKool Smith's bankruptcy practice and will devide his time between the firm's New York and Houston offices. Joining him are bankruptcy veterans Peter S. Goodman and Paul D. Moak, who will work out of the New York and Houston offices, respectively. All three attorneys previously practiced with Andrews Kurth, where Mr. Ray led the firm's national bankruptcy practice. Also joining the group as a principal is Hugh M. Ray, III, a bankruptcy attorney previously with Weycer, Kaplan, Pulaski & Zuber in Houston. The firm expects to add several more bankruptcy attorneys by the end of 2009.

In a career spanning four decades, Mr. Ray has played key roles in some of the coutnry's most recognizable bankruptcy proceedings, including matters involving Lyondell Petrochemical, First Republic Bank Corp., Continental Airlines, Semcrude, L.P., First City Bancorporation, Power Company of America L.L.C., L. Tersigni Consulting, and many others. In addition to making several appearances before Congress to testify on proposed amendments to the Federal Bankruptcy Code, Mr. Ray also has served in leadership positions with many notable bankruptcy and business groups, including serving as Chairman of the Business Bankruptcy Committee for the American Bar Association’s (ABA) Business Law Section, Chairman of the ABA Energy Business Committee, and member of the ABA Standing Committee on Judicial Selection, Tenure and Compensation. Prior to his work in private practice, Mr. Ray worked as an Assistant United States Attorney in Houston.

"Hugh Ray is one of the top bankruptcy lawyers in the nation, and we are proud to have him lead our firm into this growing area of the law," says Mike McKool, co-founder of McKool Smith. "Hugh and the rest of his team are known nationwide for their work in some of the country's most significant bankruptcy matters. When we realized we had the opportunity to bring in Hugh and his group, this was an easy decision."

Mr. Ray says the move to McKool Smith is based on several factors. "It's no secret that McKool Smith has some of the finest courtroom lawyers anywhere, which is one of the main reasons we decided to join the firm," says Mr. Ray. "I'm also very excited about helping the firm build a world-class bankruptcy practice."

Mr. Goodman has represented clients in complex bankruptcies for more than 20 years, including Adelphia Communications Corp., KCS Energy Inc., Bank of New England Corp., Semcrude, L.P., First City Bancorporation, Power Company of America L.L.C., L. Tersigni Consulting and PSINet Consulting Solutions Holdings, Inc., and many others. He has been recognized as one of the state's top bankruptcy lawyers in New York Super Lawyers magazine. 

Mr. Moak has been involved in a wide range of complex Chapter 11 cases. In his practice, he has represented debtors, secured lenders, creditor committees and equity committees in bankruptcy reorganization proceedings, as well as bankruptcy-related litigation matters. He possesses particular expertise in the energy, health care, chemicals, and aviation industries. 

Mr. Ray III represents publicly traded companies who successfully reorganize in bankruptcy and major creditors in their collection from complex bankruptcies. He often acts as a trial attorney in adversary proceedings before the bankruptcy court.