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The previous response is a good one. I would recommend Erin Hall, an immigration attorney in Seattle. She is not with my Firm, but would be a good advocate for you.
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The USCIS takes the position that your status ends the day after your termination. You are to change your status or leave the U.S. the day after you are terminated. Despite the rumor there is no automatic grace period. The USCIS does have the authority to forgive a gap in your status, but it does not have to do so. You should seek an experienced immigration attorney to advise you on your options which may include filing immediately for a change of status.
If you qualify, you can file to change status from L1 to H1B, but the start date with your new employer cannot be before October 1, 2011. There might be other options for the interim period (you should consult with an experienced immigration lawyer to discuss all options).
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