I believe we are not under the law because we are no longer under its condemnation. The law however still stands. Notice what Paul says here….
Romans 8:1 ¶ There is therefore now no condemnation to them which are in Christ Jesus, who walk not after the flesh, but after the Spirit.
2 For the law of the Spirit of life in Christ Jesus hath made me free from the law of sin and death.
3 For what the law could not do, in that it was weak through the flesh, God sending his own Son in the likeness of sinful flesh, and for sin, condemned sin in the flesh:….now, to what purpose did Jesus die and condemn sin in the flesh….?
4 That the righteousness of the law might be fulfilled in us, who walk not after the flesh, but after the Spirit.
God calls us to live righteous and holy lives. We cannot do so in our own strength, but what is impossible for man, is possible for God. We can do all things through Christ who strengthens us. Thus the righteousness in which we live is not our own, but is that righteousness which Jesus said we are to hunger and thirst for. A righteousness that is not an abstract theory, but a righteousness that is reflected in a sanctified life. Wholly conformable to God’s commandments. Grace gives us more than just eternal rewards. It also gives us power to become children of God. A gospel without the power is only half the gospel.
Oh, and Paul tells us that if we are children, we are servants…..servants of righteousness.
Romans 6:19 I speak after the manner of men because of the infirmity of your flesh: for as ye have yielded your members servants to uncleanness and to iniquity unto iniquity; even so now yield your members servants to righteousness unto holiness.
20 For when ye were the servants of sin, ye were free from righteousness.
21 What fruit had ye then in those things whereof ye are now ashamed? for the end of those things is death.
22 But now being made free from sin, and become servants to God, ye have your fruit unto holiness, and the end everlasting life.