Change of status to H1 from B1 Visa


I had initially filed for L1 B petion in Aug 2012 got USCIS approval in Sep 2012 went to consulate in Nov 2012 got Pink slip Administrative processing (Chennai consulate). It been in admin processing for 90 days now.I am currently in US on B1 can I apply for new H1 petition and change of status. How long would it take for my approval if its done in premium processing can I continue to stay here and dont need to make an exit, I am too late for applying now… My employer is in US and is ready to file this but just want to know if its okay to apply for this visa even if my other L1 B visa is pending…

Please advise. Thanks!

Your H-1 petition will not be impacted by the pending L-1 221g. When is your B-1 I-94 expiring? H-1 cannot be filed until April 1, 2013 and you cannot stay in US beyond your current I-94 expiration date (unless B-1 extension is filed).