"It certainly could signal an attempt to make a friendly deal with the prosecutor", Dershowitz said. To date, Cohen has been represented by Stephen Ryan and Todd Harrison of the Washington and NY firm, McDermott, Will & Emery LLP, but a source representing this matter has disclosed to ABC News that they are not expected to represent him going forward. Without an attorney, sources told ABC that it's likely Cohen will begin to cooperate with prosecutors. The attorneys had not yet filed to Wood a notice to withdraw from the case.
A federal judge has given Cohen's legal team a June 15 deadline to review materials for attorney-client privilege. Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News.
But the Times report also offered a less immediate timeline for the departure of Cohen's legal team than ABC's initial report did.
Mr. Cohen doesn't yet have a replacement law firm but is searching for a federal criminal lawyer in NY, people familiar with the matter said.
"There's no question in my mind he's going to be indicted, and there's no question in my mind he's going to try to flip on the president", Avenatti said.
He explained that such an attorney does "nothing but make deals with the USA attorney's office". Instead, he's being a cheapskate, as when he refused to pay vendors at his Atlantic City casinos, demanding that they drop the agreed-upon price or take him to court. They just are dealmakers.
Appearing on The Ingraham Angle on Wednesday, Trump lawyer Rudy Giuliani insisted that despite earlier reports, Trump lawyer Michael Cohen is not cooperating with authorities.
"Just think about Cohen's proximity to Trump, his longevity in the Trump orbit, the fixer nature of his role for Trump, and his involvement in matters of interest to both the Russian Federation and Stormy Daniels investigations", said Andrew Wright, a professor at Savannah Law School who served as an associate White House counsel under President Barack Obama.
"But certainly if you're trying to make a deal, you're much better off having a lawyer who is on much better terms with the USA attorney's office", he said. In turn, Trump has promoted Dershowitz on his Twitter feed.
According to a source close to Cohen, Cohen has told friends that he expects to be arrested any day now. Judge Wood has given Cohen's attorneys until Friday to complete the review of the remaining documents.
Cohen has maintained that he's innocent of wrongdoing, and Trump has called the raid on his lawyer an assault on attorney client privilege.