  The independent helicity amplitudes in the (Lambda_b -> \Lambda l^+ l^-)
decay in the standard model and its minimal extension, i.e., with the new
vector type interactions, are calculated. We calculate various asymmetry
parameters characterizing the angular dependence of the differential decay
width for the cascade decay (Lambda_b -> Lambda(-> a+b) V^* (-> l^+ l^-)) with
polarized and unpolarized heavy baryons. The sensitivity of the asymmetry
parameters to the new Wilson coefficients are analyzed.
