L1B from current employer to H1B from new employer - processing time?

Hi. I am currently working in USA for 3.5 years under L1B Visa from my employer. The L1B visa will take another 1.5 years to expire. I am expecting an offer from new company who says he will process H1B for me. Consider that he is processing H1B fresh petition in 15 days (during April 1). Then what are my possibilities to work under the new employer sooner for me?

If I get a H1B receipt for the petition filed by the new employer, then is it good enough for me to work legally for him by quitting from my current employer. (Or)

Should I have to wait until the H1B petition is approved or became effective to work under him. If I need to wait for the approval, then is there any quicker way to get the approval instead of waiting for months or till the month of October?

I am seeing no concrete answers on this situation and would require an expert’s opinion on the same. If you have any other suggestions, then please let me the same.

Thanks,

Kumar

your case is L1 to H1 change of status(COS). Even if it were consular processing, you would not be able to start working before October 1.

Thanks Ankit. Does L1 to H1 COS comes within the 65k cap or would it be exempt from it. So even if I got the approval earlier by premium processing, still I will have to wait till Oct 1. Am I correct?

If you never had H1 then it would come under 65k cap. And if it comes under cap then yes, even if you get the approval via premium processing, you would only be able to start on or after october 1.

Thanks for the quick turnaround Ankit. I have got a clear picture.