You just have to read it left to right:
* `> file` \--> redirect all thing from `stdout` to `file`.(You can imagine you have a link, point-to-point from `stdout` to `file`)
* `2>&1` \--> redirect all thing from `stderr` to `stdout`, which is now pointed to `file`.
So conclusion:
stderr --> stdout --> file
You can see a good reference here.