Demotion with a consolation prize new title.
It's not - Justice Secretary is a tied job, to Lord Chancellor. The Lord Chancellor is the highest ranked ministerial post; it is de jure - but not de facto in modern times - the highest ranked ministerial post above even the PM role since that's actually 1st Lord of the Treasury and junior to Lord Chancellor in strict constitutional terms - as the appointment has to be run past the monarch in a slightly different way.
Raab has been promoted - sadly, as they have the constitutional knowledge of a small hedgehog, the media have assumed that the job is a 2nd tier one - but the Lord Chancellorship means it isn't; if Boris had detached the LC's job from Justice Secretary - there's nothing to say that he has - then it'd have been a step downwards, but otherwise.
Raab might not be the sharpest knife in the draw of Foreign Secretaries, but as a lawyer he'll know this constitutional quirk. I suspect that the 'long chat, refusing a demotion' the media are banging on about was in fact Boris and his new No.2/XO/2ic working out who got what job in the new cabinet.
Yes, I am a right bundle of laughs down the pub...
They've clearly appointed Dorries as the role of 'entertainingly thick and stupid member of cabinet' had gone vacant with Gavin's departure and she's got the posting...