The precipitation equilibria of hen egg-white lysozyme and bovine serum albumin from aqueous solutions by caprylic acid were studied. A thermodynamic equilibrium was obtained, and the compositions of both the precipitate and the aqueous phases were measured to establish phase diagrams for both systems. The precipitate was not pure protein, but also contained large amounts of water and caprylic acid. At constant initial pH and ionic strength, the composition of both phases depended only on the overall composition of the system. This suggests that protein precipitation by fatty acids should be pictured as liquid-liquid rather than solid-liquid equilibria. The precipitated proteins retained high biological activity.