F. Lee Bailey is a retired criminal defense lawyer who, in the 1960s and 1970s, defended famous clients including Albert DeSalvo (the “Boston Strangler”) and Dr. Sam Sheppard (inspiration for the film and TV series, The Fugitive) and Patty Hearst. As an attorney he was a brash risk-taker, a showman who loved the stage, and a public figure who gained celebrity status by successfully litigating high-profile cases.
While being interviewed on a prime time TV talk show he was asked an interesting question: what was his fee for defending a client accused of murder? His response: if successful, all of his client’s net worth.
The interviewer commented that it seemed quite a steep fee. Bailey then asked his host: if you were charged with murder and faced the death penalty, would you go with an attorney other than me to save money you might never spend?
Few today would argue that Bailey was one of America’s best trial lawyers. But at the time he was believed to be. And that’s what mattered. He realized that he held a unique position (albeit briefly so) in the public’s perception: there were thousands of trial lawyers, but there was only one F. Lee Bailey.
Bailey intuitively understood the value he offered in a very small market, and how to set his price.
I watched that show. I could not get over the arrogance of the man, but the lesson was not lost on me.
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