Mr. Ray attended the University of California at Berkeley and University of California at Los Angeles, where he received his B.A., summa cum laude, in 1976, and was elected a member of Phi Beta Kappa. He then attended Stanford Law School, where he received his J.D. in 1979. He was a Member of the Stanford Law Review from 1977-1978, and an Associate Editor of the law review from 1978-1979. He also served as an extern to the Honorable Stanley Mosk, Associate Justice of the California Supreme Court, in 1978.

Mr. Ray is a Lecturer at Stanford Law School, teaching a course on Corporate Reorganization in 2002 and from 2007-2009. Mr. Ray is also a Lecturer at the University of Southern California Law Center, teaching courses on Corporate Reorganization from 1989-2009, and also taught Bankruptcy from 2000-2001.

Mr. Ray has served several Bar positions, including: on the Executive Committee of the Business Law Section of the State Bar of California from 1995-1998; as the Chair of the Education Committee of the Business Law Section from 1993-1994; and as the Managing Editor for the Annual Review of Recent Developments and Legislation of Interest to California Business Lawyers of the Business Law Section from 1991-1992. Mr. Ray is also a member of the Los Angeles County Bar Association, the American Bar Association, The American Bankruptcy Institute and other legal organizations, serving on various committees during the past 20 years.

Mr. Ray has served on the Stanford Law School Board of Visitors from 1995-1996 and 1999-2009. Mr. Ray is listed in the "The Best Lawyers in America," "Best Bankruptcy Lawyers in America" and the "California Super Lawyers."