1.0.0.3 false Derivatives and Hedging false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 0 lm_NotesToConsolidatedFinancialStatementsAbstract lm false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Derivatives and Hedging 1 us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.2900.3492" name=GENERATOR></HEAD> <BODY> 12.  Derivatives and Hedging During the three months ended June 30, 2009, Legg Mason did not hold any derivatives designated in a formal hedge relationship under SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities. Legg Mason continues to use currency forwards to economically hedge the risk of movements in exchange rates, primarily between the U.S. dollar, euro, Great Britain pounds, Canadian dollars, and Australian dollars.  As of June 30, 2009, Legg Mason had open currency forward contracts with aggregate gross fair values of $3,632 and $2,393, classified as Other assets and Other liabilities, respectively.  In the Consolidated Balance Sheets, Legg Mason nets the fair value of certain foreign currency forwards executed with the same counterparty where Legg Mason has both the legal right and intent to settle the contracts on a net basis.  For the quarter ended June 30, 2009, $(3,558) was recognized in Other income (expense) relating to currency forward contracts intended to offset actual movements in currency exchange rates. As more fully described in Note 10, Legg Mason has engaged in various forms of liquidity fund support transactions that constitute derivatives.</BODY></HTML> 12.  Derivatives and Hedging During the three months ended June 30, 2009, Legg Mason did not hold any derivatives designated in a formal hedge false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true