Implied Status while waiting for LMO?

Hi

my current WP will expire end of June and I was about to extend my WP when I recognized that I need a LMO. The reason why I wasn't aware of the LMO issue is because I was excempted when I cam 3 years ago. I'm computer scientist and working in research. However, it shouldn't be very hard for my employer to get an LMO since the requirement for my position are pretty unique. The problem is the processing time for all this stuff. I know that I'm on "Implied Status" as long as my WP application is pending but I as far as I understood I need the LMO to apply for the WP extension. So my question is, can I also keep working while my LMO is pending? Or if the LMO is not read at the end of my WP, should I apply last minute for the WP extension and hope for slow processing to stay under "Implied Status" while waiting for LMO.
I really need to figure this out. Otherwise I'm in trouble in July.

Thanks
Jan