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Measurements were made of the average energy 8' per ion pair formed in liquid xenon by internal-conversion electrons from~Bi. We observed voltage pulses resulting from electron collection either in liquid xenon or in a gaseous mixture of argon (95%I and methane (5%). The relative pulse heights for the two material. s determine the ratio of the W values. Using the known W for the gaseous mixture, we obtained a liquid-xenon 8' of 15.6+ 0.3 eV. This value is considerably smaller than the gas-phase values, 21.5 or 21.9 eV. For interpretation, we adapted Platzman's energy-balance equation to liquids, assuming a conduction-band picture. Theoretical values thus calculated agree well with experiment.