Do we live under the law?

I'm reading a book called 40 Questions About Christians and Biblical Law by Thomas Schreiner.  The purpose is to learn how Old Testament law affects New Testament Christians.  It began as you would expect with definitions and descriptions.  Then something caught my attention.  The author said, "It's hard to conceive of Paul saying that the law in conjunction with the Spirit frees people from sin (Romans 8:2), since elsewhere Paul emphasizes that those that are 'under law' are under sin."  This specifically addressed the issue that led to reading the book so I thought I should read the Scripture.  This is what it says,

             " Therefore, there is now no condemnation  for those who are in Christ
              Jesus, ² because through Christ Jesus the law of the Spirit who gives
              life has set you free from the law of sin and death. ³ For what the law was 
              powerless to do because it was weakened by the flesh, God did by sending
              his own Son in the likeness of sinful flesh to be a sin offering.  And so he
             condemned sin in the flesh, ⁴ in order that the righteous requirement of the
             law might be fully met in us, who do not live according to the flesh but            
             according to the Spirit." Romans 8:1-4

Let me paraphrase the last line.  We do not live by the things our flesh wants us to do, but instead according to the things the Holy Spirit leads us to do!  Now, go back one more line.  The law is powerless to help us do that ... did you get that? Powerless because of our weak flesh!  We would never be able to keep the law and God knew it so He sent Jesus and then the Holy Spirit. 

I am involved in a Bible study that is looking at the role the Holy Spirit plays in our relationship with God.  Here are some of the questions we will discuss this week:

     1. In what ways do we hold each other in bondage to our own convictions?

     2. How has God used multiple means to confirm what He was saying to you?

     3. What did Paul mean when he advised us to be careful how we enjoy liberty in Chirst?
                                                                                                                  
                                                                                       (Discerning the Voice of God by Priscilla Shirer)

If we are no longer under the law, and it is sin to do so, does that change the way you would answer these questions?