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With greater competition, reduced profits and headcount, and increased client pressure for value billing, keeping your strategic options under review is a necessity for all management teams in 2010.

Any ambitious firm needs an effective strategy. Organic growth in a flat economic climate is seen by some as illusory. Others argue that a merger may be the best way to grow. However, history reminds that a merger is not in itself a strategy and that mergers can be seriously value destructive if not well planned. The bottom line is that growth in the absence of increased profitability is fool's gold. So what other strategic options are available? Can alliances increase profits? Low priority and loss making practice groups may be highly prized by rivals with alternative strategies. Why not sell those groups? It is likely to be a far less expensive route than closure.

Against the backdrop of this bleak economic landscape, we're delighted that management guru Alan Hodgart will be providing MPF members with his insights based on many years' experience on how firms should go about developing and monitoring their strategic options.

Listen to Alan and then engage in active dialogue with him and your peers in the Q&A session.

I hope that you can attend.

Kind regards, June Smallwood-Rose MPF Regional Director