There are two extreme erroneous views of the Law (and numerous variations in between).
At one end of the spectrum, some insist that the Law is obsolete and therefore to be ignored. This false understanding is called antinomianism (against the law). This false view rejects the words of Christ and the Apostle Paul. It leads to lawless, spiritual anarchy. We are not free to live lawlessly because we are saved. Quite the opposite, we are called to live holy lives (outlined in God’s moral law) because we are saved, not only from sin’s penalty, but also from sin’s power.
At the other end of the spectrum, others insist that salvation is obtained and/or retained by keeping the Law. This too is contrary to the clear teaching of scripture. It was the biggest doctrinal issue during the time when the New Testament was being written. It was settled at the first Church Council in Jerusalem (Acts 15). This kind of error is known as legalism, and is currently resurfacing in movements like the “Hebrew Roots” movement. If you encounter this heresy, reject it and walk away!
In summary of all the discussion of Christians and the Law, the New Testament makes it clear that believers in Jesus Christ are no longer under the law (Romans 6:14). Many have mistakenly thought this means that the Law is null and void, having no significance for New Testament Christians whatsoever. This is not true, however, since Paul also affirms that the Law is still holy (Romans 7:7, 12). Jesus also clearly taught that the Law “will not pass away until heaven and earth pass away” (Matthew 5:17-19).