Fish around lake -- it's bleak (4)
I believe the answer is:
cold
'bleak' is the definition.
('cold' can be similar in meaning to 'bleak')
'fish around lake' is the wordplay.
'fish' becomes 'cod' (cod is a kind of fish**).
'around' indicates putting letters inside.
'lake' becomes 'l'.
'cod' going around 'l' is 'COLD'.
'it's' is the link.
(Other definitions for cold that I've seen before include "See 12" , "Unsympathetic" , "made of stone" , "Chilly; minor ailment" , "Mild viral infection, very common" .)