Allen Stanford's conviction on Tuesday for having orchestrated a $7 billion Ponzi scheme could be bad news for 2 prominent law firms and an attorney facing civil lawsuits arising out of the Texas financier's crimes.  Attorney Thomas Sjoblom and NY-based law firms Chadbourne & Parke and Proskauer Rose are defendants in several class actions and other lawsuits brought by Stanford Financial investors, who claim they lost hundreds of millions as a result of the fraud. Filed mostly in Texas, the suits allege that Sjoblom, who worked at Chadbourne & Parke from 2002 to 2006, then at Proskauer Rose from 2006 to 2009, helped Stanford cover up the Ponzi scheme and evade authorities.  Investors claim that the firms failed to properly supervise Sjoblom and were negligent in hiring him. Even the receiver for Stanford Financial filed a lawsuit in January for $1.8 billion.  Filed in Washington, D.C. federal court, the lawsuit against Sjoblom and the 2 law firms alleges claims similar to those filed by the investors. Views Expressed by Legal Experts. Legal experts said that Tuesday's jury verdict against Stanford on 13 of 14 counts of fraud could bolster the class actions and individual cases against the firms and Sjoblom.

Michael Downey: "We now know there were bad actors and people suffered. The only question left is who should pay for it.  The issue will be 'should we make these poor innocent investors bear the losses or the lawyers who helped make it all happen'." Mr. Downey is a legal malpractice attorney with Armstrong Teasdale;  he's not involved in the Stanford matter.

Daniel Richman: The criminal conviction does not guarantee a win in the civil actions.  But the verdict could mean that information favorable to the civil cases about the scheme will "shake out." ... "It may well reveal the nature of any co-conspirators." Mr. Richman is an evidence professor at Columbia Law.

Edward Valdespino: The conviction likely will give him better access to employees at the firm who were questioned by prosecutors in the criminal case, but who were unable or unwilling to talk to him.  "It puts us in a better position." Mr. Valdespino is an attorney representing some of the investors suing the law firms and Sjoblom.

Jesse Castillo: The criminal conviction "reinforces" his cases. "It's satisfying to our clients." Castillo is a lawyer representing about 350 plaintiffs in class actions against Sjoblom and the firms.

Prior to private practice, Sjoblom was an attorney with SEC Enforcement.  He is now a solo practitioner in Washington.  Proskauer Rose has about 650 attorneys, while Chadbourne & Parke has about 440 lawyers.  All refused to respond to questions from Reuters. Stanford Case In a Nutshell. Stanford was accused of defrauding about 30,000 investors for more than 20 years in 113 countries with high-interest certificates of deposit at Stanford National Bank, based in Antigua. He denied the allegations, but the jury on Tuesday convicted him of fraud, conspiracy and obstructing an investigation by the SEC. He was found not guilty on one count of wire fraud. He could face up to nearly 20 years in prison. For further details, go to:  [Reuters, 3/6/12].