Speak and act as those who are going to be judged by the law that gives freedom,
This verse would make a great sign. Blow it up huge and stick it on the wall above your bathroom mirror in the morning! Everyday read to yourself,
"as those who are going to be judged."
You could stop there. That is a good motivational speech for the day, because it is true. You will be judged.
We won't be punished for our sins. The price has already been paid, but there is still a judgement seat for us. I don't have the time (or the energy) to get into the details of that judgment seat, but it is real and it will happen.
But don't forget the rest of this verse.
"...by the law that gives freedom."
We are going to be judged by the law that gives freedom. No longer will be be judged in such a way as to lead to confinement, we will be judged by the law that leads to freedom!
This is why it is such a motivational speech. Live your life in such a way as the law which will judge us. We are no longer constrained by the law of death, we are free by the law of Christ! (Compare with Romans 8:1-17)