Cohen, now with no legal representation, is likely to cooperate with federal prosecutors in NY, sources said.
Cohen has maintained that he's innocent of wrongdoing, and Trump has called the raid on his lawyer an assault on attorney client privilege.
Cohen's move to switch lawyers is being interpreted by some legal observers as a sign he may be seeking to cooperate with federal prosecutors.
According to the Journal, Cohen is looking for a federal criminal lawyer in NY, preferably one with close connections to the Manhattan U.S. attorney's office.
The firm's spokesperson did not immediately respond to requests for comment. For several months now, the prosecutors have been looking into whether Cohen broke the law in any business projects, including hush-money payments he made to women who claim they had affairs with Trump.
The unnamed source who spoke to the NYDN characterized Cohen as "very stressed out" about the possibility of an indictment.
McDermott Will & Emery, a NY and Washington firm, has been representing Mr. Cohen.
Cohen has not yet been contacted by the prosecutors who are conducting the inquiry, said two people briefed on the case.
"Not a good look and a disaster for Mr. Cohen and Mr. Trump", he said.