  Using the most general, model independent form of the effective Hamiltonian,
the exclusive, rare baryonic (Lambda_b -> Lambda l^+ l^- ~l=\mu,\tau) decay is
analyzed. We study sensitivity of the branching ratio and lepton
forward-backward asymmetry to the new Wilson coefficients. Is is shown that
these physical quantities are quite sensitive to the new Wilson coefficients.
Determination of the position of zero value of the forward-backward asymmetry
can serve as a useful tool for establishing new physics beyond the standard
model, as well as fixing the sign of the new Wilson coefficients.
