Spouse H4 to H1B, and my H1B to H4

I am on H1B and my wife is on H4 (she has approved H1B, but we did not use it).

Recently I got lay-ed off from my company. Not sure, how long will it take for me to find a new job; to be on safe side and have valid status, we decided that my wife will apply for H4 to H1B (her employer is willing to do this), and at the same time I will be added as dependent on her application, requesting H1B to H4.

If we go the premium route,

  1. How long will it take for the H4 to H1B complete?

  2. Will my status change from H1B to H4, at the same time as above?, If not how long could it take?

  3. Added to the above confusion, if I do manage to find a job while the above process is in progress, how would it affect when my new company would file for my H1 transfer?

Looking out for help from experts out there. Thanks for your help and time.

  1. 15 calendar days. File all petitions together and they will be considered part of same PP package.

  2. Yes. I am not sure if you have to pay PP fees twice or just once if both COS applications are clubbed together.

  3. The new employer will have to file LCA before filing the H-1. LCA can take up to 2 weeks and your COS may get approved meanwhile. The new employer can file COS from H-4 to H-1 for you in that case.