This work is devoted to the ellipsometric investigation of the evolution of the molecular order in free standing films of the ferroelectric liquid crystalline compound M12/10 after its alignment by electric field. Creation of pronounced oscillations of anisotropic properties of films was found and monitored over a scale of hours. These oscillations are explained as the mutual precession of molecular directors. (C) 2004 Elsevier B.V. All rights reserved.