  The longitudinal polarization, the transverse polarization, and the
forward-backward asymmetry of Lambda baryons have been measured using a sample
of 4.34 million hadronic Z^0 decays collected with the OPAL detector at LEP
between 1990 and 1995. These results are important as an aid to the
understanding of hadronization mechanisms. Significant longitudinal
polarization has been observed at intermediate and high momentum. For x_E = 2
E_{Lambda}/\sqrt{s}) > 0.3, the longitudinal polarization has been measured to
be -32.9 +/- 5.5(stat) +/- 5.2(syst)%. We have observed no transverse
polarization. A significant forward-backward asymmetry has been measured and
can be described by a JETSET model.
