A solution of poly‐γ‐benzyl‐L‐glutamate (PBLG) in m‐cresol has been investigated. Viscoelastic properties during steady state shear flow and in oscillatory flow are presented. The existence of a stable negative first normal stress difference is confirmed. The dynamic Newtonian viscosity is considerably smaller than the corresponding steady state shear value. The transient behavior after cessation of flow is studied in detail using dynamic measurements. After cessation of flow, the dynamic moduli change over a time scale which is much larger than that for stress relaxation. Effects of frequency, temperature and previous shear rate are analyzed. The structural interpretation of the data is discussed. Available models for polymeric liquid crystals have to be developed further before a comparison with the present results becomes possible.