Jeffrey Cohen also said that Schwartz's comments on Wednesday night, if true, increase the risk that Michael Cohen will be the target of an ethics complaint with the New York bar association.
Jeffrey Cohen cited a number of ethical rules that could apply in the case, including one that prohibits a lawyer from giving financial assistance to a client in connection with contemplated or pending litigation.
Another rule requires lawyers to promptly inform a client of a material development in litigation or contemplated litigation.
"I personally think that Michael Cohen is not sleeping these days because he's under serious attack," Jeffrey Cohen said.
Harry Rimm, a white-collar litigation lawyer and partner with Sullivan & Worcester in New York and a former federal prosecutor, also mentioned the state ethics rules when asked about Schwartz's comments about Michael Cohen.
Rimm said "material developments" in a case that would have to be disclosed to a client "includes settlements," such as the payment of money to Daniels.
He said that one exception to that rule is when "the client has previously made clear" to his lawyer the proposal that was later agreed to by the opposing party "would be acceptable."
But, Rimm said, "I don't understand or I can't foresee agreements being enforced where a lawyer entered into it ... without the client being given the chance to consider it, accept it or reject it."
"I can't imagine the court enforcing an agreement when one side acknowledges that that side didn't know what the lawyer was doing," he said.
Regardless of how the case ends up playing out, Rimm said that Schwartz's comments have made it harder for the public to figure out what the truth is about the agreement.
"The facts are in dispute, and it becomes messier by the day," he said.