Applying for L1 while H1B visa petition is still pending with USCIS - 2012


I am currently in the US on H4. I applied for the H1B this year and havent heard back from USCIS on whether my petition was accepted in the lottery this year.

Now, a former employer is willing to sponsor a L1 visa for me. If I go ahead with the L1 application, what are the repurcussions of both applications?

Is a person allowed to legally file for visas under H1B and L1 rules? Since I havent heard back from the USCIS, I cannot withdraw my H1B application.

I would like to work on the L1 visa and not with the H1B, as my H1B was filed by a consultant and I will need to search for a job later.

Please let me know.