Most modern software products incorporate open-source components, requiring development teams to maintain compliance with each component's licenses. Noncompliance can have significant financial, legal, and reputational repercussions. Although some organizations may seek advice from legal practitioners to assist with licensing tasks, developers still play a key role in this process. To this end, it is essential to understand how developers approach licensing compliance tasks, the challenges they encounter, and the tools they use. This work studies these aspects of software licensing practices through a study - conducted by a joint team of software engineering and legal researchers - consisting of a survey with 58 software developers and 7 follow-up interviews. The study resulted in 13 key findings regarding the current state of practice. We discuss the implications of our findings and offer directions for future research, as well as actionable recommendations.