I agree with Citylaw, I don't think it's a big deal unless you fail to disclose it. Your applications to law school and the bar will ask about disciplinary actions and it's important to fully disclose everything.
I don't think this will have any impact on law school admissions, but the bar may require a more detailed explanation. They will probably require you to submit all paperwork associated with the action, so make sure you are 100% honest in your explanation. In law school you will learn that the bar is pretty forgiving, but they take even a hint of dishonesty very seriously.