Is it legally possible to switch job when the first time H1b approval is still pending? Previously on F-1 OPT visa. Kindly suggest.

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You should not be calling yourself unlucky OP. I am sure there are thousands of people out there wanting to be in your place.
It’s just a matter of months for you now. You are not losing much. You can use this time to upgrade your skills.

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I feel sorry for people like OP. You should be in the situation where your H1 application don’t get picked in the lottery and know how it feels, so that you won’t say your unlucky again.

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EY1 - totally agree with your point. I do respect the fact being chosen in the lottery but at the same time also feel trapped in the current job.

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You can legally switch job but your previous company can and most probably will withdraw your h1b.

With premium processing in hold, is it advisable to switch jobs and wait for the H1b transfer?

I am in the same boat as you and holding off on the job switch until H1b is approved. You were lucky this year to get picked up in the lottery, you don’t want to risk it next year.
While interviewing you can always let the new company know about your visa situation and see if they can keep the offer valid until your h1b is approved. Some big companies do that if they are not hiring for one particular position.

I think i was unlucky that my visa got picked, still held for approval, making me completely helpless to switch job.

In the same boat as OP and felt the same - that I was unlucky and helpless to get out of current job. Thanks for all the perspectives and I guess I should be more grateful

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