Fair Values of Assets and Liabilities (Tables) (Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member])

12 Months Ended

Mar. 31, 2015

Consolidated Entity Excluding Consolidated Investment Vehicles Before Eliminations [Member]

Schedule of Trading Securities and Other Trading Assets [Line Items]

Marketable Securities [Table Text Block]



	2015		2014
Investment securities:
Current investments	$	454,735	$	467,726
Available-for-sale	—		12,072
Other⁽¹⁾	77		90
Total	$	454,812	$	479,888

Available-for-sale Securities [Table Text Block]



	Years Ended March 31,
	2014			2013
Available-for-sale:
Proceeds	$	4,306		$	5,272
Gross realized gains	—			22
Gross realized losses	(29		)	(43		)

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]



		As of March 31, 2015
		Quoted prices in active markets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Total
Assets:
Cash equivalents⁽¹⁾:
Money market funds		$	353,265		$	—		$	—		$	353,265
Time deposits and other		—			47,035			—			47,035
Total cash equivalents		353,265			47,035			—			400,300
Current investments:
Trading investments relating to long-term incentive compensation plans⁽²⁾		80,529			—			—			80,529
Trading investments of proprietary fund products and other trading investments⁽³⁾		269,647			88,201			186			358,034
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments⁽⁴⁾⁽⁵⁾		2,148			14,024			—			16,172
Total current investments		352,324			102,225			186			454,735
Investments in partnerships, LLCs and other⁽⁶⁾		—			—			14,511			14,511
Equity method investments in partnerships and LLCs⁽⁴⁾⁽⁶⁾	`	—			—			48,344			48,344
Derivative assets⁽⁷⁾		580			5,462			—			6,042
Other investments⁽⁶⁾		—			—			77			77
Total		$	706,169		$	154,722		$	63,118		$	924,009
Liabilities:
Long-term debt⁽⁸⁾		$	—		$	(255,462	)	$	—		$	(255,462	)
Contingent consideration liabilities⁽⁹⁾		—			—			(110,784		)	(110,784		)
Derivative liabilities⁽⁷⁾		(8,665		)	—			—			(8,665		)
Total		$	(8,665	)	$	(255,462	)	$	(110,784	)	$	(374,911	)



	As of March 31, 2014
	Quoted prices in active markets (Level 1)			Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)			Total
Assets:
Cash equivalents⁽¹⁾:
Money market funds	$	456,631		$	—	$	—		$	456,631
Time deposits and other	—			106,226		—			106,226
Total cash equivalents	456,631			106,226		—			562,857
Current investments:
Trading investments relating to long-term incentive compensation plans⁽²⁾	109,648			—		—			109,648
Trading investments of proprietary fund products and other trading investments⁽³⁾	260,251			75,015		190			335,456
Equity method investments relating to long-term incentive compensation plans, proprietary fund products and other investments⁽⁴⁾⁽⁵⁾	8,497			14,125		—			22,622
Total current investments	378,396			89,140		190			467,726
Available-for-sale investment securities⁽⁶⁾	2,048			10,024		—			12,072
Investments in partnerships, LLCs and other⁽⁶⁾	—			2,878		21,586			24,464
Equity method investments in partnerships and LLCs⁽⁴⁾⁽⁶⁾	—			—		62,973			62,973
Derivative assets⁽⁷⁾	3,584			—		—			3,584
Other investments⁽⁶⁾	—			—		90			90
Total	$	840,659		$	208,268	$	84,839		$	1,133,766
Liabilities:
Contingent consideration liability⁽⁹⁾	$	—		$	—	$	(29,553	)	$	(29,553	)
Derivative liabilities⁽⁷⁾	(2,335		)	—		—			(2,335		)
Total	$	(2,335	)	$	—	$	(29,553	)	$	(31,888	)

(1)

Cash equivalents include highly liquid investments with original maturities of 90 days or less. Cash investments in actively traded money market funds are measured at NAV and are classified as Level 1. Cash investments in time deposits and other are measured at amortized cost, which approximates fair value because of the short time between the purchase of the instrument and its expected realization, and are classified as Level 2.


(2)	Primarily mutual funds where there is minimal market risk to the Company as any change in value is primarily offset by an adjustment to compensation expense and related deferred compensation liability.


(3)	Trading investments of proprietary fund products and other trading investments consist of approximately 63% and 37% in equity and debt securities, respectively, as of March 31, 2015, and approximately 53% and 47% in equity and debt securities, respectively, as of March 31, 2014.


(4)	Substantially all of Legg Mason's equity method investments are investment companies which record their underlying investments at fair value. Fair value is measured using Legg Mason's share of the investee's underlying net income or loss, which is predominately representative of fair value adjustments in the investments held by the equity method investee.

(5)

Includes investments under the equity method (which approximate fair value) relating to long-term incentive compensation plans of $8,728 and $14,125 as of March 31, 2015 and March 31, 2014, respectively, and proprietary fund products and other investments of $7,444 and $8,497 as of March 31, 2015 and March 31, 2014, respectively, which are classified as Investment securities in the Consolidated Balance Sheets.


(6)	Amounts are included in Other non-current assets in the Consolidated Balance Sheets for each of the periods presented.


(7)	See Note 14.


(8)	Long-term debt amount is the sum of the amortized cost of long-term debt and the fair value of an interest rate swap contract designated as a fair value hedge. See Note 6.


(9)	See Note 2.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]



	Value as of March 31, 2014			Purchases			Sales			Redemptions/ Settlements/ Other			Transfers		Realized and unrealized gains/(losses), net			Value as of March 31, 2015
Assets:
Trading investments of proprietary fund products and other trading investments	$	190		$	2		$	(27	)	$	—		$	—	$	21		$	186
Investments in partnerships, LLCs and other	21,586			—			(24		)	(5,108		)	—		(1,943		)	14,511
Equity method investments in partnerships and LLCs	62,973			2,048			(14,101		)	(1,121		)	—		(1,455		)	48,344
Other investments	90			—			—			—			—		(13		)	77
	$	84,839		$	2,050		$	(14,152	)	$	(6,229	)	$	—	$	(3,390	)	$	63,118
Liabilities:
Contingent consideration liabilities	$	(29,553	)	$	(88,581	)	$	—		$	—		$	—	$	7,350		$	(110,784	)



	Value as of March 31, 2013			Purchases		Sales			Redemptions/Settlements/ Other			Transfers		Realized and unrealized gains/(losses), net			Value as of March 31, 2014
Assets:
Trading investments of proprietary fund products and other trading investments	$	246		$	1	$	—		$	(77	)	$	—	$	20		$	190
Investments in partnerships, LLCs and other	27,762			—		(731		)	(4,869		)	—		(576		)	21,586
Equity method investments in partnerships and LLCs	66,338			5,154		(750		)	(9,258		)	—		1,489			62,973
Other investments	111			—		(12		)	—			—		(9		)	90
	$	94,457		$	5,155	$	(1,493	)	$	(14,204	)	$	—	$	924		$	84,839
Liabilities:
Contingent consideration liability	$	(21,900	)	$	—	$	—		$	—		$	—	$	(7,653	)	$	(29,553	)

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]



		Fair Value Determined Using NAV						As of March 31, 2015
Category of Investment	Investment Strategy	March 31, 2015			March 31, 2014			Unfunded Commitments		Remaining Term
Funds-of-hedge funds	Global macro, fixed income, long/short equity, natural resources, systematic, emerging market, European hedge	$	23,787	(1)	$	34,771	(1)	n/a		n/a
Hedge funds	Fixed income - developed market, event driven, fixed income - hedge, relative value arbitrage, European hedge	14,515			19,461			$	20,000	n/a
Private equity funds	Long/short equity	23,563		(2)	22,759		(2)	9,654		Up to 9 years
Other	Various	1,129			2,434			n/a		Various ⁽³⁾
Total		$	62,994	(4)	$	79,425	(4)	$	29,654

n/a-not applicable


(1)	Liquidation restrictions: 9% monthly redemption and 91% quarterly redemption as of March 31, 2015. 40% monthly redemption and 60% quarterly redemption as of March 31, 2014.


(2)	Liquidations are expected over the remaining term.


(3)	Of this balance, 21% has a remaining term of less than one year and 79% has a remaining term of 18 years.


(4)	Comprised of 38% and 62% of Level 2 and Level 3 assets, respectively, as of March 31, 2015 and 31% and 69% of Level 2 and Level 3 assets, respectively, as of March 31, 2014.

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of investees that calculate net asset value per share (including by unit, membership interest, or other equity (ownership interest) unit measure) (alternative investments), whether measured at fair value on a recurring or nonrecurring basis, by major category of assets and liabilities (as defined), including, for example, (i) fair value measurements at the reporting date, (ii) the level within the fair value hierarchy in which the fair value measurements fall, (iii) a reconciliation of beginning and ending balances for those alternative investments that are measured at fair value using unobservable inputs (Level 3 - fair value hierarchy fair value measurement inputs), (iv) the inputs and valuation techniques used to measure fair value, (v) a discussion of changes to valuation techniques and inputs, if any, during the period, (vi) a description of the nature and risk associated with the alternative investments, and (vii) a discussion of the probability that any of the alternative investments are to be sold.

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- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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