Faculty even-handed welcoming Liberal (5)
I believe the answer is:
flair
'faculty' is the definition.
(both can mean talent)
'even-handed welcoming liberal' is the wordplay.
'even-handed' becomes 'fair' (I've seen this before).
'welcoming' indicates putting letters inside (in sense of 'inviting in').
'liberal' becomes 'l' (abbreviation).
'fair' placed around 'l' is 'FLAIR'.
(Other definitions for flair that I've seen before include "Stylishness, originality" , "Natural ability to do something well (5)" , "Style, talent" , "Natural ability or elegance" , "Natural talent and aptitude" .)