We present an investigation of the Isgur-Wise form factor relevant for the semileptonic decay Λ b → Λ c + ℓν ℓ performed within a light-front constituent quark model. Adopting different baryon wave functions it is found that the Isgur-Wise form factor depends sensitively on the baryon structure. It is shown however that the shape of the Isgur-Wise function in the full recoil range relevant for the Λ b → Λ c + ℓν ℓ decay can be effectively constrained using recent lattice QCD results at low recoil. Then, the Λ b → Λ c + ℓν ℓ decay is investigated including both radiative effects and firstorder power corrections in the inverse heavy-quark mass. Our final predictions for the exclusive semileptonic branching ratio, the longitudinal and transverse asymmetries, and the longitudinal to transverse decay ratio are: Br(Λ b → Λ c ℓν ℓ ) = (6.3 ± a To appear in Physical Review D.1.6) % |V bc /0.040| 2 τ (Λ b )/(1.24 ps), a L = −0.945 ± 0.014, a T = −0.62 ± 0.09 and R L/T = 1.57 ± 0.15, respectively. Moreover, both the longitudinal asymmetry and the (partially integrated) longitudinal to transverse decay ratio are found to be only marginally affected by the model dependence of the Isgur-Wise form factor as well as by first-order power corrections; therefore, their experimental determination might be a very interesting tool for testing the SM and for investigating possible New Physics.