Study full time on L1B visa with Employer's agreement

I am on L1B visa working full time in the US. I am planning to take 12 months educational leave of absence from the Company to join a full time MBA program. My Company has agreed to it. However I would like to know id there are any legal implications.

You are permitted to study on L1B. However, conditions of L1 based full time employment (40 hours work week) must be met. Most L1B workers opt for part-time (evening) or online education to ensure compliance. If your company is allowing you paid absence, that is great. However if the leave of absence is unpaid, this constitutes a gap in visa functionality by which you will have breached the basis of your L1B. I suggest avoiding latter situation.