Holman Fenwick & Willan has taken a serious hit in profits this year, with the shipping and reinsurance specialist putting the results down to the state of the market and costs incurred in an expensive restructuring.

The top 50 UK firm saw fee income fall from £47.5m in 2001-02 to £46m in its financial year to April, while average partner profits fell nearly 25% from £304,000 to £234,000.