The New Law is called a law of love because it makes us act out of the love infused by the Holy Spirit, rather than from fear; a law of grace, because it confers the strength of grace to act, by means of faith and the sacraments; a law of freedom, because it sets us free from the ritual and juridical observances of the Old Law, inclines us to act spontaneously by the prompting of charity and, finally, lets us pass from the condition of a servant who "does not know what his master is doing" to that of a friend of Christ - "For all that I have heard from my Father I have made known to you" - or even to the status of son and heir.
Source: Catechism of the Catholic Church (Vatican.va)