| Legg Mason | 100 Light Street, Baltimore, MD 21202 |
| www.leggmason.com | (410) 539-0000 Fax: (410) 454-4923 |
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A Legg up in Washington
Founded in Baltimore in 1899, Legg & Company merged with the eight-year-old Mason & Company in 1970, forming Legg Mason in a move that many industry watchers welcomed. Mason & Company founder Raymond A. Mason became president of the combined firm, adopting a new strategy in the early 1980s for expansion in the rapidly changing financial services market. Legg Mason's strategy included increasing capital, expanding its traditional brokerage business, investing in technology, and entering the investment advisory business.
Double down
By 1990, Legg Mason had increased revenues nearly 10-fold since 1980, with a significant percentage of revenues and profits coming from non-brokerage sources. Today, Legg Mason is a publicly owned, diversified financial services firm with a major presence in securities brokerage, investment management, investment banking and commercial mortgage banking.
Growing I-banking
Legg Mason has grown its investment banking practice especially aggressively. From late 1996 to early 1998, the firm doubled its professional staff in both research and sales and trading, and nearly doubled its corporate finance personnel. However, while investment banking revenues increased 35 percent to a record $97 million in 1998, the firm saw I-banking revenue drop back to $76.1 million in 1999. The firm has built some impressive niche practices, such as its business in lease-backed securities. The firm's investment banking businesses operate under a subsidiary called Legg Mason Wood Walker.
Strong overall performance
In 1999, the firm hit an overall record of $1.05 billion in revenue, breaking the billion-dollar mark for the first time, and helping the firm celebrate its 100th year of business. The main increase came from the firm's investment management business, which climbed to $390.2 million (assets under management jumped up 25 percent to $89 billion). "About 30 percent of Legg Mason's revenues come from fees, not buy or sell transactions, which makes Legg Mason less cyclical compared to most other firms in the business," says one insider. In 1998, the firm grew its asset management business by acquiring Brandywine Asset Management.
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Legg Mason looks for team players with integrity and a strong drive and commitment to excellence. Desired experience levels vary depending on the job. To find out about job opportunities, visit the "Employment Opportunities" section of Legg Mason's web site (www.leggmason.com). Applicants can send or fax resumes to the personnel department at Legg Mason's headquarters in Baltimore. Interested interviewees will first be interviewed at a local branch of Legg Mason. Promising candidates will then be flown to headquarters in Baltimore for a second round of interviews. For financial advisors and trainees, Legg Mason says a Series 6 or 7 registration is preferred; financial analysts are hired at the college graduate level without previous experience for a two-year generalist program which involves exposure to mergers and acquisitions, public offerings, and private placements of debt and equity.
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Fast-paced, but supportive
Legg Mason is described as "a great place to work." One employee at the firm's Baltimore headquarters describes the culture as "very warm and friendly," and "much more of a pleasant and helpful atmosphere than in New York." Though hours and pay vary by division, most employees can expect to work long hours for top pay. The environment is described as fast-paced and supportive. Employees are "incredibly diverse" - the Boston office reportedly has a 90-year-old employee, and "women, blacks, Asians, all the traditional indicators of diversity, we've got them." All full-time employees are eligible for benefits from the day of hire; these benefits include "a decent health care PPO that charges 10 dollars for any drug prescription or basic office visit." While some departments require business dress at all times, many have casual Fridays and some even have casual summer weeks.
Well-protected prestige
Employees call the company "prestigious" and "with a good name" - "Chip Mason [the CEO], Jim Brinkley [President] and the other powers that be at Legg Mason protect that reputation carefully." In general, say employees, "Legg Mason is a great company with a bright future." One analyst says: "Anyone interested in investment banking should look at Legg Mason. While money management and brokerage are huge, and research is getting better, investment banking is relatively small - but Legg Mason wants to grow that business."
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Joseph Timmins
Human Resources
(410) 454-3301
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Securities brokerage;Asset management;Investment banking;Commercial mortgage banking
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A.G. Edwards & Sons;Deutsche Banc Alex. Brown;First Union;Raymond James Financial;Merril Lynch
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