EXHIBIT 5.0
[LOGO OF PIPER MARBURY RUDNICK & WOLFE LLP]

6225 Smith Avenue
Baltimore, Maryland 21209-3600
www.piperrudnick.com

PHONE (410) 580-3000
FAX   (410) 580-3001

                                January 5, 2001


T. Rowe Price Group, Inc.
100 East Pratt Street
Baltimore, Maryland 21202

      Post-Effective Amendment to the Registration Statement on Form S-8
      ------------------------------------------------------------------

Dear Ladies and Gentlemen:

     We have acted as counsel for T. Rowe Price Group, Inc., a Maryland
corporation (the "Company"), successor issuer to T. Rowe Price Associates, Inc.,
a Maryland corporation ("Associates"), in connection with a Post-Effective
Amendment to the Registration Statement on Form S-8 to be filed by the Company
under the Securities Act of 1933, as amended (the "Post-Effective Registration
Statement"), and which registers 400,000 shares of the Common Stock of the
Company (the "Shares") to be issued pursuant to the 1998 Director Stock Option
Plan (the "Director Plan") originally adopted by Associates and assumed by the
Company pursuant to an Agreement and Plan of Share Exchange dated December 28,
2000 (the "Share Exchange Plan"). In that capacity, we have reviewed the charter
and by-laws of the Company, the Post-Effective Registration Statement, the
corporate action taken by the Company and Associates that provides for the
issuance or delivery of the Shares to be issued or delivered under the Director
Plan, the corporate action of the Company related to the Share Exchange Plan and
such other materials and matters as we have deemed necessary for the issuance of
this opinion.

     Based upon the foregoing, we are of the opinion that the Shares have been
duly and validly authorized and upon issuance and delivery thereof as
contemplated in the Director Plan, will be validly issued, fully paid and non-
assessable.

     We consent to the filing of this opinion as an exhibit to the Post-
Effective Registration Statement and to the reference to our firm and to our
opinion in the Post-Effective Registration Statement and the prospectus which is
a part thereof.

                                        Very truly yours,

                                        /s/ Piper Marbury Rudnick & Wolfe LLP