January 30, 2020

Peter H. Nachtwey
Senior Executive Vice President and Chief Financial Officer
LEGG MASON, INC.
100 International Dr.
Baltimore, MD 21202

       Re: LEGG MASON, INC.
           Form 10-K for the Fiscal Year Ended March 31, 2019
           Filed May 24, 2019
           File No. 001-08529

Dear Mr. Nachtwey:

       We have reviewed your filing and have the following comments. In some of
our
comments, we may ask you to provide us with information so we may better
understand your
disclosure.

       Please respond to these comments within ten business days by providing
the requested
information or advise us as soon as possible when you will respond. If you do
not believe our
comments apply to your facts and circumstances, please tell us why in your
response.

       After reviewing your response to these comments, we may have additional
comments.

Form 10-K for the Fiscal Year Ended March 31, 2019

Management's Discussion and Analysis of Financial Condition and Results of
Operations
Supplemental Non-GAAP Financial Information
Operating Margin, as Adjusted, page 53

1.    We note your disclosure on page 54 showing an adjustment for distribution
and servicing
      expense to calculate Operating Revenues, as Adjusted. We also note that
you make this
      adjustment in calculating Adjusted Operating Revenues in your latest
quarterly filing. In
      future filings, please revise to adjust by distribution and servicing
revenues, rather than
      expenses, and provide supplemental information (e.g., footnote(s) to your
reconciliation)
      to clearly explain each adjustment. To the extent that these distribution
and servicing
      revenues are recognized in multiple revenue line items on the face of the
income
      statement, disaggregate and distinguish the adjustment into those
multiple components in
      the related non-GAAP reconciliation. In addition, in periods when a
material amount of
      fee waivers or other material non-standard items impact distribution and
servicing
 Peter H. Nachtwey
LEGG MASON, INC.
January 30, 2020
Page 2
         revenues, provide disclosure quantifying the impact that it has or
could have upon
         Operating Margin, as Adjusted or any equivalent.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       You may contact Lory Empie, Staff Accountant at 202-551-3714 or Cara
Lubit, Staff
Accountant at 202-551-5909 if you have questions regarding comments on the
financial
statements and related matters.



FirstName LastNamePeter H. Nachtwey                           Sincerely,
Comapany NameLEGG MASON, INC.
                                                              Division of
Corporation Finance
January 30, 2020 Page 2                                       Office of Finance
FirstName LastName