Good news, everyone! Or, should I say, "good news: everyone"? In the year that Law Stack Exchange has been open, we on the Community team have been really impressed by how well things have gone here, and credit for that goes entirely to the amazing effort and knowledge all of you—and especially your mod team—have contributed. You've met our requirements to be considered for graduation (some more details here for those interested in the procedural side of things) and we think you're ready to go.
What does this mean for you? Probably the biggest deal is that, in the near future, you'll get to choose your own moderators in an election. (If you like your current moderators, now would be the time to try to persuade them to run in said election!) You'll also be getting community ads and migration paths, while dropping the "beta" label from your logo. A bit further down the line, you'll get an entirely custom site design and increased rep privilege levels.
The design comes later only because it takes a lot more work than the other bits, and we've come to realize that it doesn't make sense to hold up the rest of the good stuff just to wait on one piece of awesome. Stay tuned to meta if you want to be the first to know about design news!