Two distinct ferromagnetic phases of LaMn_0.5Co_0.5O₃ having monoclinic structure with distinct physical properties have been studied. The ferromagnetic ordering temperature T_c is found to be different for both the phases. The origin of such contrasting characteristics is assigned to the changes in the distance(s) and angle(s) between Mn-O-Co resulting from distortions observed from neutron diffraction studies. Investigations on the temperature dependent Raman spectroscopy provide evidence for such structural characteristics, which affects the exchange interaction. The difference in B-site ordering which is evident from the neutron diffraction is also responsible for the difference in T_c. Raman scattering suggests the presence of spin-phonon coupling for both the phases around the T_c. Electrical transport properties of both the phases have been investigated based on the lattice distortion.