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Significant Accounting Policies Significant Accounting Policies (Policies)
 9 Months Ended
Dec. 31, 2012
Accounting Policies [Abstract]  
Consolidation, Policy
Consolidation
In accordance with financial accounting standards on consolidation, Legg Mason consolidates and separately identifies certain sponsored investment vehicles, the most significant of which is a collateralized loan obligation entity (“CLO”).  The consolidation of these investment vehicles has no impact on Net Income (Loss) Attributable to Legg Mason, Inc. and does not have a material impact on Legg Mason's consolidated operating results.  The change in the value of these consolidated investment vehicles, which is recorded in Other Non-Operating Income (Expense), is reflected in its Net Income (Loss), net of amounts allocated to noncontrolling interests.  Also, see Note 12 for additional information regarding the consolidation of investment vehicles.
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block]
Restructuring Costs
In May 2010, Legg Mason's management committed to a plan to streamline its business model as further described in Note 11. The streamlining initiative was completed as of March 31, 2012. The costs associated with this initiative primarily related to employee termination benefits, incentives to retain employees during the transition period, charges for consolidating leased office space, and contract termination costs. Termination benefits, including severance and retention incentives, were recorded as Transition-related compensation in the Consolidated Statements of Income (Loss). These compensation items required employees to provide future service and were therefore expensed ratably over the required service period. Contract termination and other costs were expensed when incurred.
New Capital Plan [Policy Text Block]
New Capital Plan
In May 2012, Legg Mason implemented a new capital plan for the refinancing/restructuring of debt, the completion of the existing share repurchase authorization, and the authorization of further share repurchases. As a result, Net Income (Loss) Attributable to Legg Mason, Inc. for the nine months ended December 31, 2012, includes a pre-tax loss on debt extinguishment of $68,975 and a net reduction in outstanding debt obligations of $350,000. See Notes 6 and 9 for further details.
Pending Acquisition [Policy Text Block]
Other New Developments
On December 13, 2012, the Company announced that it had entered into a Sale and Purchase Agreement to purchase all of the outstanding share capital of Fauchier Partners Management Limited, a leading European based manager of funds-of-hedge funds, from BNP Paribas Investment Partners. The transaction is expected to close in the fourth quarter of fiscal 2013 and will require an initial payment of approximately $80,000, with contingent consideration of up to approximately $24,000 and approximately $32,000, due on the second and fourth anniversaries of closing, respectively, dependent on achieving certain financial targets.

On December 12, 2012, the Company modified its employment and other arrangements with the management of its investment management affiliate The Permal Group, LTD ("Permal"). As further discussed in Note 5, these modifications included the Company investing in the Permal business in part by sharing certain compensation and other costs that result in lower margins from the business at current revenue levels in exchange for higher margins at significantly increased revenue levels. In addition, the Company and Permal are engaged in implementing a profits interest management equity plan for key employees that will entitle them to participate in 15% of the growth in value of the Permal business from the future implementation date.
Income Tax, Policy [Policy Text Block]
Income Taxes
In July 2011, The U.K. Finance Act 2011 was enacted, which reduced the main U.K. corporate tax rate from 27% to 26% effective April 1, 2011, and from 26% to 25% effective April 1, 2012. In July 2012, The U.K. Finance Act 2012 was enacted, further reducing the main U.K. corporate tax rate to 24% effective April 1, 2012 and 23% effective April 1, 2013. The reductions in the U.K. corporate tax rate resulted in tax benefits of $18,075 and $18,268, recognized in the quarters ended September 30, 2012 and 2011, respectively, as a result of the revaluation of existing deferred tax assets and liabilities at the new rates. During the quarter ended December 31, 2012, as a result of the expiration of statutes of limitation and the completion of tax authority examinations, unrecognized benefits of $15,354 were realized. Also during the quarter ended December 31, 2012, based on estimates of future taxable income, using assumptions consistent with those used in Legg Mason's intangible and goodwill impairment testing, valuation allowances related to foreign tax credits and various U.S. state and foreign net operating loss carryforwards were increased by $28,636. It is more likely than not that tax benefits related to these tax credits and net operating loss carryforwards will not be realized. A summary of the impact of these items on Legg Mason's effective income tax rates follows:
Noncontrolling Interests Redeemable
Noncontrolling Interests
Noncontrolling interests related to consolidated investment vehicles ("CIVs") are classified as redeemable noncontrolling interests if investors in these funds may request withdrawals at any time. There are no nonredeemable noncontrolling interests as of December 31, 2012, March 31, 2012, or December 31, 2011. As noted above, Net income (loss) attributable to noncontrolling interests in the Consolidated Statements of Income (Loss) also includes Net income (loss) reclassified to Appropriated retained earnings for consolidated investment vehicle in the Consolidated Balance Sheets.
Description of New Accounting Pronouncements Not yet Adopted [Text Block]
Recent Accounting Developments
In July 2012, the Financial Accounting Standards Board ("FASB") updated the guidance on the annual indefinite-lived intangible asset tests for impairment. The update permits companies to assess qualitative factors to determine if it is more likely than not that the fair value of the intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the currently required quantitative fair value assessment. This update will be effective for Legg Mason in fiscal 2014, if not early adopted. This update is not expected to have a material effect on Legg Mason's recorded indefinite-lived assets, and Legg Mason is still evaluating its adoption.