Lauric acid has been esterified with some C-1-C-18 aliphatic alcohols by a commercial lipase, Lipolase 100 L, using isooctane as a solvent. When lauric acid and fatty alcohols were taken in the mole ratio 1:1, first order kinetics were observed for all the alcohols studied. The highest reaction rate was observed for n-butyl alcohol. Lauric acid was esterified with stearyl alcohol, in varying acid to alcohol mole ratios to explain the first order kinetics of the reaction. A kinetic model for the lipase-catalysed esterification in a biphasic organic-aqueous system has been proposed. Based on the interfacial substrate concentration, an analytical rate equation for initial rate of the reaction was derived and confirmed with the experimental data.