Changing Status from L1 to H4, I-94 is About to Expire

Hi

I am in H1 visa and my wife is in L1 Visa in US. Her L1 visa and I94 are both expiring in 1st week of Feb 2013. I am planning to apply for H4 VISA (my H1 is valid for 2 more years)for her so that she can continue with me in US. Since now she has less than a month's time before her I94 expires, can she continue to stay in US with just the USCIS H4 application receipt number, or the H4 needs to get approved for her to legally stay in US? if that is the case, do you have an idea of how much time it takes to get H4 approved?

As long as your wife files her application for change of status to H4 on or before her current visa expires she will not go out of status.

She may remain in the United States while her application for change of status is pending.

If she leaves the United States before her change of status is granted, she will need to apply for an H4 visa at a U.S. Embassy or Consulate in order to reenter the U.S. in H4 status.

Thank You Mr Knowitall for taking time to reply to my query.

I want to be doubly sure in this case as her VISA and I94 are both expiring. Since her I94 too is expiring in 1st week of Feb, and assuming that her H4 doesnt get approved before 1st week of Feb, will she be out of status between those dates. Can she remain in the US even though her I94 expires and her application for change of status is pending with the USCIS?