Willis' second-quarter net fell to $39 million, or 27 cents a share, from $78 million, or 54 cents, a year-ago.
Willis said it took a $62 million charge in the quarter as it bought out some employees' contracts and paid others severance as part of cost cuts it says will be used to fund hires and initiatives in certain areas.
Excluding those charges, earnings rose 9 percent to 59 cents a share, in line with analysts' forecasts.
The cost-cutting moves will result in savings of between $25 million and $35 million this year and between $45 million and $55 million in 2009, Willis said.