A servant around always is what a lord has (7)
I believe the answer is:
peerage
'what a lord has' is the definition.
I can't judge whether this defines the answer.
'a servant around always' is the wordplay.
'a servant' becomes 'page' (I've seen this before).
'around' means one lot of letters goes inside another.
'always' becomes 'eer' (poetic way of saying ever).
'page' enclosing 'eer' is 'PEERAGE'.
'is' is the link.
Can you help me to learn more?
(Other definitions for peerage that I've seen before include "Dukes, earls, lords, ladies - the lot" , "Lordly group" , "The nobility as a group" , "Book listing lords and the like" , "Noble title and rank" .)