There are two kinds of brand – but only one is essential

'Eversheds and Superbrands – really? I mean, really?' The email I received last week from an acquaintance on another publication summed up the mood of dismissive ire that greeted the news that Eversheds outranked the entire magic circle in the annual Superbrands poll.

It's understandable. However scientific or rigorous the ranking in question is, trying to compile a single benchmark that compares wildly different businesses is always going to be very hard, even if you are ranking something easily quantifiable. Trying it with something as nebulous as a brand takes it to a whole other level. For similar reasons I take these things about as seriously as I do The Sunday Times' best employer index, which isn't very. There is a limit to how much stock you can invest in a ranking that puts Apple outside the top 10 and concludes that the Law Society is the top-rated legal brand; I know the City isn't Chancery Lane's core constituency, but I've never had the sense that it's that well regarded, even by high street lawyers.

But it's easy to quibble and what such surveys do, to a certain extent, is highlight the element of brand that is about wider awareness. On this broad church element, Eversheds has been pretty successful at getting its name out there, both with the general business community but also with general counsel. (However, it is mystifying to see DLA Piper – surely the best projected and the most upwardly mobile UK legal brand of the last 20 years – not make the list.)

This 'general awareness' bit of branding is a funny thing. Like turning a supertanker, it takes a long time before your efforts make any impact and it can keep going in a certain direction long after you have stopped steering that course. This kind of brand has its value, especially as strong brands have always covered a multitude of sins, though it can differ enormously from the current reality. The tag 'magic circle' has become the most recognisable brand in commercial law. And many City firms have built strong institutional brands that demonstrably deliver value by giving them a shot at handling high-end corporate and securities work.

But the reality is that in most industries there is a kind of inner brand that reflects the experiences of those who deal with your business most regularly: staff, clients, service providers, rivals and closely interested observers. And, unlike the aforementioned tanker, this vehicle can turn on a dime, responding very quickly to changes in the business, both good and bad. To be really successful over the long term any business brand must deliver on this measure – or rather, the brand will come to reflect the successful reality of the business. That kind of brand, which for a law firm is a composite of your best lawyers, client base and financial performance, you can't do business without.

For more, see Eversheds rated as top law firm brand in 2010 Superbrands rankings.