Figure old trick involving label (7)
I believe the answer is:
octagon
'figure' is the definition.
(octagon is a kind of figure)
'old trick involving label' is the wordplay.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'trick' becomes 'con' (I've seen this before).
'involving' is an insertion indicator.
'label' becomes 'tag' ('tag' can be a synonym of 'label').
'con' placed around 'tag' is 'ctagon'.
'o'+'ctagon'='OCTAGON'
(Other definitions for octagon that I've seen before include "with eight angles" , "Figure with 8 sides" , "Shape of a square with the corners cut off" , "Eight-sided room" , "Geometric figure with eight sides" .)