(New York, NY, October 23, 2002) Global top 50 law firm Reed Smith LLP has added a new partner and eight-member team to its Bankruptcy & Reorganization practice group, effective today.

Constantine Karides, formerly a partner in the New York City office of Oppenheimer Wolff & Donnelly, and his colleagues will be involved in all aspects of the Reed Smith practice, including workouts, bankruptcies and litigation.

"Our group currently handles matters in almost every state," said Karides of his nationwide creditors' rights practice. "We are excited about the opportunity to continue to work together in an organization like Reed Smith.  Reed Smith provides an incredible platform upon which to grow our practice and satisfy the increasing needs of our clients.  We will also be able to offer our clients legal services beyond bankruptcy and litigation representation.  I believe Reed Smith's presence in Wilmington, Delaware, will be particularly valuable because of the large number of bankruptcy actions which are filed there. My associates and I are confident we will make an immediate and substantial contribution to this prestigious practice team."

The arrival of Karides and his team coincides with a dramatic upswing in bankruptcy representation by Reed Smith over the past two years.  Between 2000 and October 2002, the number of bankruptcy matters in which the firm is active has more than tripled.

"Constantine and his colleagues are coming at a time when their expertise is in high demand," said Eric Schaffer, head of Reed Smith's firmwide Bankruptcy Group. "One of Reed Smith's core practice areas is financial services, including representation of creditors in insolvency matters."

"Because New York is the biggest financial center in the country," added Jonathan Young, managing partner of Reed Smith's New York office, "we have been actively seeking to add a bankruptcy practice here.   Constantine's qualifications and those of his dedicated team are outstanding; we're looking forward to their quickly becoming an integral part of our firmwide team."

Karides is a 1994 graduate of the State University of New York at Buffalo School of Law. In the eight years since graduation he has developed a strong creditors' rights practice representing, among other financial institutions, the nation's largest equipment finance companies.  Although based in New York, he and his associates will work with Reed Smith attorneys across the country as they continue to handle matters for these companies.

In addition to Karides, Joe O'Neil joins as Counsel.  Those joining Reed Smith as associates include Elizabeth Abdelmasieh, John Lubenesky, Zachary Harrison, Elena Lazarou, Ken Bierman,  Darren Pascarella and Michael Tsang. A law clerk Andrew Wagner, will join the firm's Los Angeles office pending the proposed merger with Crosby Heafey in January 2003.