File Format Interoperability
The UFO format is generally used when exchanging files with other font editors. See Unified Font Object for details.
FontLab 7 imports and exports Glyphs files natively.
This will preserve more details than exchanging UFO files with FontLab.
For FontLab Studio 5, use the Glyphs Import and Glyphs Export macros.
Install them in FontLab Studio 5 by opening Finder and choosing Go → Go to Folder.
Enter the path of the FontLab Studio 5 macros folder
~/Library/Application Support/FontLab/Studio 5/Macros/ and press Return.
Place the two macro files there and relaunch FontLab Studio 5.
The macros will be available in the macro toolbar.
Note that not all Glyphs features are supported in other font editors. Exchanging files may thus result in simplified data (for example, decomposed outlines) or missing font information. Consider keeping a copy of the original Glyphs file for safety.