8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) May 6, 2003

LEGG MASON, INC.

(Exact name of registrant as specified in its charter)

Maryland	1-8529	52-1200960
(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(IRS Employer Identification No.)

100 Light Street, Baltimore, Maryland	21202
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (410) 539-0000

Not Applicable 

(Former name or former address if changed since last report)

Item 7.	Financial Statements and Exhibits
	(a)	Financial statements of businesses acquired.
		Not applicable.
	(b)	Pro forma financial information.
		Not applicable.
	(c)	Exhibits.
		99	Press Release of Legg Mason, Inc. dated May 6, 2003.
Item 9.	Regulation FD Disclosure (including information being provided under Item 12).
	On May 6, 2003, Legg Mason, Inc. announced its results of operations for the fiscal year ended March 31, 2003. A copy of the related press release is filed as Exhibit 99 to this Form 8-K and is incorporated herein by reference.
	This information is also being furnished under Item 12 of Form 8-K, "Results of Operations and Financial Condition" and shall not be considered "filed" for purposes of the Securities Exchange Act of 1934, as amended.

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	LEGG MASON, INC.
	(Registrant)
Date:  May 6, 2003	By:	/s/ Robert F. Price
		Robert F. Price
		Senior Vice President, Secretary
		and General Counsel

LEGG MASON, INC.

EXHIBIT INDEX

Exhibit No.	Subject Matter
99	Press Release of Legg Mason, Inc. dated May 6, 2003.

EX-99

Exhibit 99

For immediate release	For information contact:
	F. Barry Bilson
	(410) 539-0000
	www.leggmason.com

LEGG MASON REPORTS RECORD FISCAL 2003 RESULTS
Year's EPS $2.78, up 24%, Quarter's EPS $0.71, up 6%
Assets Under Management a Record $192.2 billion

Baltimore, Maryland - May 6, 2003 -- Legg Mason, Inc. (NYSE: LM) today reported record revenues, earnings and earnings per share for its fiscal year ended March 31, 2003. Net revenues for the year were a record $1.528 billion, up 5% from the prior record of $1.451 billion in fiscal 2002, while net earnings were a record $190.9 million, up 25% from $152.9 million a year ago and 22% above the prior record of $156.2 million set in fiscal 2001. Diluted earnings per share were $2.78, also a record, up 24% from $2.24 a year ago and 21% higher than the previous record of $2.30, also set in fiscal 2001.

Assets under management increased by $7.5 billion during the March quarter, and $15.2 billion during the year, to end the year at a record $192.2 billion.

For the quarter ended March 31, 2003, net revenues totaled $384.7 million, down 3% from $395.2 million in the March 2002 quarter, while net earnings were $48.7 million, up 6% from $46.1 million. Diluted earnings per share were $0.71, up 6% from $0.67.

Commenting on the results, Raymond A. "Chip" Mason, chairman and CEO, said:

"I'm delighted with our results for the year, especially given the upheavals that have hurt the equity markets and many of the participants in our markets. Asset management continued to drive our results, with the net revenues and pre-tax earnings of this business segment setting new records this year, and assets under management up for both the quarter and year, to a record $192.2 billion. In the last three years, our assets under management have increased by over $80 billion, of which over $50 billion was through organic growth.

"The net revenues and pre-tax earnings of our capital markets business segment also reached record highs this year, with particularly strong increases in taxable fixed income. And, although the net revenues of our Private Client Group declined this year, the pre-tax earnings and profit margin of this business segment increased substantially.

"During the last several years, we have increasingly focused on creating the balance in our business -- between equity and fixed income, institutional and retail, and increasingly U.S. and non-U.S. -- and building the necessary infrastructure to support future growth. If we continue to provide consistent long-term investment performance, I would expect Legg Mason to benefit meaningfully from any return to less chaotic equity markets."

LEGG MASON, INC.
News Release - May 6, 2003
Page 2

Fiscal Year Ended March 2003 vs. March 2002

For the fiscal year, net revenues were a record $1.528 billion, up 5% from the prior record of $1.451 billion in fiscal 2002. Net earnings and diluted earnings per share also set new records at $190.9 million, up 25% from $152.9 million, and $2.78, up 24% from $2.24, respectively.

Investment advisory and related fees were a record $860.3 million, up 10% from $780.6 million in fiscal 2002, with roughly equal increases in the recurring advisory fees of each of our asset management divisions -- mutual funds, wealth management and institutional. Investment advisory and related fees represented 56% of the firm's net revenues for the year, up from 54% in fiscal 2002. The current year's results include the results for a full year of Private Capital Management and Royce, which were acquired in August and October 2001, respectively.

Securities brokerage revenues, which consist of commissions and principal transaction revenues, were up 1% to $474.9 million from $469.8 million. Commissions declined by 4%, to $316.7 million from $330.9 million and represented 21% of the firm's net revenues, down from 23% in fiscal 2002. Principal transaction revenues increased 14%, to $158.2 million, on the strength of fixed income.

Investment banking revenues totaled $109.0 million, up 7% from $102.2 million, on increases in both corporate banking and municipal banking revenues. Net interest profit was $21.6 million, down 47% from $40.8 million, as a result of acquisition-related interest expense and lower average interest rates, while other revenues totaled $62.3 million, up 8% from $58.0 million.

As of March 31, 2003, stockholders' equity was $1.248 billion, up 15% from $1.085 billion a year ago; book value per share was also up 15%, to $18.59 from $16.20. The Company has 67.1 million shares outstanding, including the exchangeable shares issued in conjunction with the acquisition of Perigee.

Legg Mason's pre-tax profit margin on net revenues was 20.2%, up from 17.4% in fiscal 2002. The firm's effective tax rate was 38.1%, down from 39.6%, while the return on equity was 16.3%, up from 15.2% in fiscal 2002.

Assets Under Management and Total Client Assets

Assets under management as of March 31, 2003 aggregated a record $192.2 billion, up 9% from $177.0 billion a year ago and up 4% from $184.7 billion in December. Reflecting the decline in the equity markets over the year and the strength of fixed income, equity assets dropped to 31% of the total managed assets from 38% a year ago. Our institutional asset managers were responsible for 71% of total managed assets at year end, with our mutual funds managers responsible for 19% and wealth managers 10%.

LEGG MASON, INC.
News Release - May 6, 2003
Page 3

Two-thirds of the quarter's $7.5 billion increase in assets under management was the result of positive net client cash flows, with the primary contributor being Western Asset, our premier fixed income manager, although all of our asset management divisions -- institutional, mutual funds and wealth management -- experienced positive net flows. Market appreciation accounted for most of the remaining increase in managed assets, as the positive returns achieved by Western Asset in particular outweighed the declines experienced by most of our equity managers.

As of March 31, 2003, 73% of the assets in our U.S.-based funds were in funds with overall Morningstar ratings of 4- or 5-stars. Two of our funds were ranked by Lipper Analytical Services as the #1 funds in their respective Lipper categories, based on their investment performance for the year ended March 31, 2003: Legg Mason Focus Trust was #1 among 647 large-cap growth funds and Royce Special Equity was #1 among 247 small-cap value funds. In total, 11 of our retail funds were rated in the top quartile of their respective Lipper categories for the 1-year period and six of these performed in the top decile.

Total client assets, which include assets in our clients' securities brokerage accounts plus assets under management, minus any overlap, aggregated $250.3 billion as of March 31.

Quarter Ended March 2003 vs. March 2002

For the quarter ended March 31, 2003, net revenues were $384.7 million, down 3% from $395.2 million in the March 2002 quarter. Net earnings were $48.7 million, up 6% from $46.1 million, and diluted earnings per share were $0.71, up 6% from $0.67.

Investment advisory and related fees totaled $218.9 million, down 1% from $221.3 million, primarily due to a drop in distribution fees on Company-sponsored equity funds; investment advisory and related fees represented 57% of the firm's net revenues, up from 56% in the year ago quarter.

Revenues from securities brokerage, which includes commissions and principal transaction revenues, totaled $114.0 million, down 8% from $123.9 million a year ago. Commissions were $73.0 million, down 16% from $87.3 million, and represented 19% of the firm's net revenues, down from 22%. Principal transaction revenues were $41.0 million, up 12% from $36.6 million, primarily due to increased fixed income transactions.

Investment banking revenues were $26.0 million, down 14% from $30.1 million, as declines in the fees from corporate underwritings outweighed increases in corporate advisory revenues. Net interest profit was $5.6 million, up 5% from $5.3 million, and other revenues were $20.2 million, up 39% from $14.5 million.

The pre-tax profit margin on net revenues was 20.5% in the current quarter, up from 19.2%, and the effective tax rate was 38.3%, down from 39.3%. The annualized return on equity was 15.9%, versus 17.3%.

LEGG MASON, INC.
News Release - May 6, 2003
Page 4

Conference Call to Discuss Results

A conference call to discuss the Company's results, hosted by Mr. Mason, will be held at 10:00 a.m. EDT today. The call will be open to the general public. Interested participants should access the call by dialing 1-800-475-2151 (or 1-973-582-2710 for international calls) at least 10 minutes prior to the scheduled start to ensure connection.

A replay of the live broadcast will be available on the Legg Mason website or by dialing 1-877-519-4471 (or 1-973-341-3080 for international calls), access Pin Number 3890803, after the completion of the call.

Legg Mason, Inc., headquartered in Baltimore, is a holding company that provides asset management, securities brokerage, investment banking and related financial services through its subsidiaries.

This release contains forward-looking statements subject to risks, uncertainties and other factors that may cause actual results to differ materially. For a discussion of these risks and uncertainties, see Legg Mason's Annual Report on Form 10-K for the fiscal year ended March 31, 2002.

Legg Mason, Inc.
News Release - May 6, 2003
Page 5

LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
For the Quarters Ended March 31, 2003 and 2002

					(In thousands, except per share amounts)
					2003		% of Net Revenues		2002		% of Net Revenues
Revenues:
		Investment advisory and related fees			$	218,939		56.9	$	221,317		56.0
		Commissions				73,012		19.0		87,287		22.1
		Principal transactions				40,960		10.7		36,591		9.3
		Investment banking				26,037		6.8		30,123		7.6
		Interest				22,387		5.8		30,991		7.8
		Other				20,184		5.2		14,546		3.7
				Total revenues		401,519		104.4		420,855		106.5
		Interest expense				16,818		4.4		25,670		6.5
			Net revenues			384,701		100.0		395,185		100.0
Non interest expenses:
		Compensation and benefits				222,008		57.7		240,721		60.9
		Communications and technology				23,970		6.2		23,628		6.0
		Occupancy				16,079		4.2		15,967		4.0
		Amortization of intangibles				6,163		1.6		6,206		1.6
		Other				37,584		9.8		32,739		8.3
			Total non-interest expenses			305,804		79.5		319,261		80.8
Earnings before income tax provision						78,897		20.5		75,924		19.2
	Income tax provision					30,231		7.8		29,827		7.5
Net earnings					$	48,666	$	12.7	$	46,097	$	11.7
Earnings per common share:
		Basic			$	0.74			$	0.70
		Diluted			$	0.71			$	0.67
Weighted average number of common shares
		outstanding:
		Basic				66,007				65,627
		Diluted				68,849				68,987

Legg Mason, Inc.
News Release - May 6, 2003
Page 6

LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
For the Twelve Months Ended March 31, 2003 and 2002

					(In thousands, except per share amounts)
					2003		% of Net Revenues		2002		% of Net Revenues
Revenues:
		Investment advisory and related fees			$	860,331		56.3	$	780,592		53.8
		Commissions				316,719		20.7		330,893		22.8
		Principal transactions				158,194		10.4		138,900		9.6
		Investment banking				109,031		7.1		102,184		7.0
		Interest				108,781		7.1		168,073		11.6
		Other				62,326		4.1		57,970		4.0
				Total revenues		1,615,382		105.7		1,578,612		108.8
		Interest expense				87,136		5.7		127,271		8.8
			Net revenues			1,528,246		100.0		1,451,341		100.0
Non interest expenses:
		Compensation and benefits				897,480		58.7		883,426		60.9
		Communications and technology				92,014		6.0		98,956		6.8
		Occupancy				65,246		4.3		62,186		4.3
		Amortization of intangibles				24,915		1.6		18,808		1.3
		Other				140,270		9.2		134,716		9.3
			Total non-interest expenses			1,219,925		79.8		1,198,092		82.6
Earnings before income tax provision						308,321		20.2		253,249		17.4
	Income tax provision					117,412		7.7		100,313		6.9
Net earnings					$	190,909	$	12.5	$	152,936	$	10.5
Earnings per common share:
		Basic			$	2.89			$	2.35
		Diluted			$	2.78			$	2.24
Weighted average common shares
		outstanding:
		Basic				66,001				65,211
		Diluted				68,760				68,262
Book value per common share					$	18.59			$	16.20