Michael Cohen flipping could bear huge consequences for Trump

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Sources told ABC that Michael Cohen, Trump's longtime confidant, is likely to cooperate with federal investigators and his current legal team is expected to leave the case.

Cohen has denied any wrongdoing related to the Russian Federation investigation, and in the case playing out in the Southern District of NY.

ABC News reported Wednesday that Cohen was most likely preparing to cooperate with federal prosecutors after he is dropped by his law firm, McDermott, Will & Emery LLP. CNN reports Cohen has hired a new lawyer, but not said who. Cohen has not been criminally charged, but a source familiar with the investigation told Reuters in April that federal prosecutors in NY are investigating him for possible bank and tax fraud, and for possible campaign law violations connected with a payment to a porn actress and matters concerning foreign support of Trump's 2016 campaign. The former NY mayor is one of the president's chief attorneys fending off the special counsel's investigation into potential collusion between Russian actors and Trump's campaign in the 2016 election.

The judge in the case appointed a special master to determine which files fell under attorney-client privilege, and it turned out to be only a tiny amount.

Neither Cohen, Ryan nor Harrison immediately responded to messages Wednesday.

It was not clear what the planned change in attorneys might mean for Cohen's legal strategy.

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While Cohen could receive a pardon for any federal crimes from Trump, he could still be prosecuted on the state level.

"The key is to find out who the new lawyer is", Dershowitz told Business Insider, adding that Cohen could be seeking out a NY attorney he refers to as "prosecutors in defense attorney's clothing".

Avenatti set up the crowdfunding site on crowdjustice.com to help bankroll the defense of the porn star who claims she had an affair with Donald Trump in 2006 and wants relief from a nondisclosure agreement.

On the other hand, the reporting to this point does not specify exactly what the payment dispute is about, so it's possible that it concerns an apparent conflict of interest for Cohen's attorney, Stephen Ryan.

Donald Trump's former personal lawyer is expected to cooperate with the Mueller investigation. His new attorneys will rack up considerable billable hours familiarizing themselves with the seized documents he and the Trump organization just paid 15 of Cohen's soon-to-be former attorneys to comb through.

Cohen has worked for Trump in various capacities since 2011.