If you can pull your grades up for the rest of school, there shouldn't be much of a long-term problem. When you apply for jobs, you put your final GPA down, and I've never heard of any questions about whether you were ever on academic probation unless you ended with a low GPA as well.
The only time I ever remember being asked about academic probation was when I applied to law school in the first place. So you may have problems if you have to withdraw from school and reapply or if you wanted to transfer schools. If you were ever hoping to get past a Senate Confirmation Hearing, it could also come up.
So I doubt it is catastrophic, except for the problems in getting your GPA higher.