In this paper, a novel Lyapunov function is proposed to study switched linear systems with a switching delay between activation of system modes and activation of candidate controller modes. The novelty consists in continuity of the Lyapunov function at the switching instants and discontinuity when the system modes and controller modes are matched. This structure is exploited to construct a time-varying Lyapunov function that is non-increasing at time instants of discontinuity. Stability criteria based on the novel Lyapunov function are developed to guarantee global asymptotic stability in the noiseless case. Most importantly, when exogenous disturbances are considered, the proposed Lyapunov function can be used to guarantee a finite non-weighted L-2 gain for asynchronously switched systems, for which Lyapunov functions proposed in literature are inconclusive. A numerical example illustrates the effectiveness of the proposed method. (C) 2017 Elsevier Ltd. All rights reserved.