A university lecturer given right to keep ornament (5)
I believe the answer is:
adorn
'ornament' is the definition.
('adorn' can be a synonym of 'ornament')
'a university lecturer given right to keep' is the wordplay.
'university lecturer' becomes 'don' (I've seen this before).
'given' is a charade indicator (letters next to each other).
'right' becomes 'r' (common abbreviation).
'to keep' is an insertion indicator.
'a'+'don'='adon'
'adon' placed around 'r' is 'ADORN'.
(Other definitions for adorn that I've seen before include "Attire" , "get dressed!" , "Bedeck" , "dress" , "Festoon" .)