Legal Week's top 50 celebrates good results based on strong management of the UK's top law firms. It has charted progress during economic highs and lows, but management teams must continue to adapt to enable their firm to survive and flourish.

So what influences long-term success? To my mind, the prerequisites are clear leadership, backed by experience and foresight, plus an increasing need for a little innovation.

This is the age of the specialist firm and, whether you are a global or a niche player, you need to demonstrate that you are a true specialist in your chosen fields. Being able to then articulate that message clearly and confidently to the market is essential.

I am not talking about sticking-plaster branding. Image must reflect reality, which means everyone in your firm must embody the essence of what makes your practice different.

Pursuing a strategy of building and developing specialisms requires investment. When fee income is robust with a pipeline of further work, expanding key areas seems an obvious course of action. However, the problem of over-trading can lurk beneath the surface: business failures tend to rise as we come out of recession as firms may commit to, say, additional offices to accommodate new staff, but there may be a lag before fees come in.

So, while the economic environment may be more benign than it was a short while ago, the need for a strong management team that can pilot the firm forwards despite unforeseen difficulties is crucial.