On the 26th June he was called before the council to answer certain charges, one of which was his conduct in the praemunire question. He acknowledged his error on that head, and made little defence. On the 30th he was suspended from council and bench, and ordered to employ his leisure in revising certain obnoxious opinions in his reports. He did not perform the task to the king's satisfaction, and a few months later he was dismissed from office.

Bacon's services to the king's cause had been most important; and as he had, at the same time, acquired great favour with Villiers, his prospects looked brighter than before. According to his custom, he strove earnestly to guide by his advice the conduct of the young favourite. His letters, in which he analyses the various relations in which such a man must stand, and prescribes the course of action suitable for each, are valuable and deserving of attention.[22] Very striking, in view of future events, are the words[23] in which he gives him counsel as to his dealing with judges: "By no means be you persuaded to interpose yourself by word or letter in any cause depending, or like to be depending, in any court of justice, nor suffer any man to do it where you can hinder it; and by all means dissuade the king himself from it, upon the importunity of any, either for their friends or themselves. If it should prevail, it perverts justice; but if the judge be so just, and of so undaunted a courage (as he ought to be) as not to be inclined thereby, yet it always leaves a taint of suspicions and prejudice behind it." It is probable that Villiers at this time had really a sense of the duties attaching to his position[24] and was willing to be guided by a man of approved wisdom.

It was not long before an opportunity occurred for showing his gratitude and favour. Ellesmere resigned the chancellorship on the 5th of March 1616/7, and on the 7th the great seal was bestowed upon Bacon, with the title of lord keeper. Two months later he took his seat with great pomp in the chancery court, and delivered a weighty and impressive opening discourse. He entered with great vigour on his new labours, and in less than a month he was able to report to Buckingham that he had cleared off all outstanding chancery cases. He seemed now to have reached the height of his ambition; he was the first law officer in the kingdom, the accredited minister of his sovereign, and on the best terms with the king and his favourite. His course seemed perfectly prosperous and secure, when a slight storm arising opened his eyes to the frailty of the tenure by which he held his position.

Coke was in disgrace but not in despair; there seemed to be a way whereby he could reconcile himself to Buckingham, through the marriage of his daughter, who had an ample fortune, to Sir John Villiers, brother of the marquess, who was penniless or nearly so. The match was distasteful to Lady Hatton and to her daughter; a violent quarrel was the consequence, and Bacon, who thought the proposed marriage most unsuitable, took Lady Hatton's part. His reasons for disapproval he explained to the king and Buckingham, but found to his surprise that their indignation was strongly roused against him. He received from both bitter letters of reproof; it was rumoured that he would be disgraced, and Buckingham was said to have compared his present conduct to his previous unfaithfulness to Essex. Bacon, who seems to have acted from a simple desire to do the best for Buckingham's own interests, at once changed his course, advanced the match by every means in his power, and by a humble apology appeased the indignation that had been excited against him.

It had been a sharp lesson, but things seemed to go on smoothly after it, and Bacon's affairs prospered.

On the 4th of January 1617/8 he received the higher title of lord chancellor; in July of the same year he was made Baron Verulam and in January 1620/1 he was created Viscount St Albans. His fame, too, had been increased by the publication in 1620 of his most celebrated work, the Novum Organum. He seemed at length to have made satisfactory progress towards the realization of his cherished aims; the method essential for his Instauration was partially completed; and he had attained as high a rank in the state as he had ever contemplated. But his actions in that position were not calculated to promote the good of his country.

Connected with the years during which he held office is one of the weightiest charges against his character. Buckingham, notwithstanding the advice he had received from Bacon himself, was in the habit of addressing letters to him recommending the causes of suitors. In many cases these seem nothing more than letters of courtesy, and, from the general tone, it might fairly be concluded that there was no intention to sway the opinion of the judge illegally, and that Bacon did not understand the letters in that sense. This view is supported by consideration of the few answers to them which are extant.[25] One outstanding case, however, that of Dr Steward,[26] casts some suspicion on all the others. The terms of Buckingham's note[27] concerning it might easily have aroused doubts; and we find that the further course of the action was to all appearances exactly accommodated to Dr Steward, who had been so strongly recommended. It is, of course, dangerous to form an extreme judgment on an isolated and partially understood case, of which also we have no explanation from Bacon himself, but if the interpretation advanced by Heath be the true one, Bacon certainly suffered his first, and, so far as we can see, just judgment on the case to be set aside, and the whole matter to be reopened in obedience to a request from Buckingham.

It is somewhat hard to understand Bacon's position with regard to the king during these years. He was the first officer of the crown, the most able man in the kingdom, prudent, sagacious and devoted to the royal party. Yet his advice was followed only when it chimed in with James's own will; his influence was of a merely secondary kind; and his great practical skill was employed simply in carrying out the measures of the king in the best mode possible. We know indeed that he sympathized cordially with the home policy of the government; he had no objection to such monopolies or patents as seemed advantageous to the country, and for this he is certainly not to be blamed.[28] The opinion was common at the time, and the error was merely ignorance of the true principles of political economy. But we know also that the patents were so numerous as to be oppressive, and we can scarcely avoid inferring that Bacon more readily saw the advantages to the government than the disadvantages to the people. In November 1620, when a new parliament was summoned to meet on January following, he earnestly pressed that the most obnoxious patents, those of alehouses and inns, and the monopoly of gold and silver thread, should be given up, and wrote to Buckingham, whose brothers were interested, advising him to withdraw them from the impending storm.