This question gives you a broad scope. You could zoom in – the impact of a particular regulation, or zoom out – the impact of an event on the economy. You could look at how the firm’s global practice is impacted in response to client-driven changes or other law firms e.g. competition as others increase their scale through mergers. The issue you choose all depends on your understanding of the firm and how it operates. In terms of answering the question, there’s no set structure provided it’s clear and concise. You may want to outline the issue briefly first and then detail 2-3 ways it’ll impact the firm. You can show off some of your knowledge of the firm as you go along. Sometimes, it also helps to form an opinion on the topic

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