  A model-independent analysis for the exclusive, rare B -> K^* l^+ l^- decay
is presented. Systematically studied are the experimentally measured
quantities, such as, branching ratio, forward-backward asymmetry, longitudinal
polarization of the final leptons, and the ratio $\Gamma_L/\Gamma_T$ of the
decay widths when $K^\ast$ meson is longitudinally and transversally polarized.
The dependence of the asymmetry parameter $\alpha = 2 \Gamma_L/\Gamma_T -1$ on
the new Wilson coefficients is also studied in detail. It is found that the
afore-mentioned physical observables are quite sensitive to the new Wilson
coefficients. Therefore, once we have the experimental data with high
statistics and a deviation from the Standard Model, we can interpret the source
of such discrepancy.
