Birmingham-based Martineau has posted a 24 per cent drop in profit per equity partner (PEP) for the 2008-09 financial year.
Equity partners will make an average of £198,000 compared with £260,000 for the 2007-08 financial year.
This comes as the firm reports a drop in turnover of nine per cent, falling from £23.2m in 2007-08 to £21.2m in 2008-09.
A number of specialist groups experienced growth, including investment funds which increased by 22 per cent, and energy, which expanded five per cent.
This follows news that head of energy Andrew Whitehead is to take up the role of senior partner as of January 2010 following a contested election (9 July 2009).