Hello
I am presently on L1 visa Status and it is valid till oct 2009.
I am planning for Change of Status to F1 from Spring semester Jan 09.
I am thinking to file Change of Status this September 2008 as it takes 3 months to process.

My employer want me to leave to home country in November 2008.

Question:
Will I be allowed to stay in US on legal status after my employer has cancelled my L1 Status in November and my application for change of status is pending from USCIS side?

Please as soon as possible.

Thanks in Advance.

If you stay in US after L-1 is canceled then you are out of status which will effect your application. To avoid any problems, leave and return on F-1.