Traditional leader–member exchange (LMX) research typically measures quality of exchange from the subordinate's or member's perspective—LMX(m). In this research, we propose a new construct, LMX(l), which reflects a supervisor's or leader's perception of the value delivered by his or her subordinate in the exchange relationship. Together, LMX(m) and LMX(l) are expected to provide a more complete picture of dyadic exchange quality. Our results indicate relatively modest convergence between the 2 perspectives on LMX. Both LMX(m) and LMX(l) were found to relate to specific currencies of exchange provided by each dyad partner, and agreement between the 2 was negatively associated with the frequency of supervisor–employee conflict. Implications for LMX theory and future research are discussed.