It may let you down lightly (9)

I believe the answer is:

parachute

I'm a little stuck... Click here to teach me more about this clue!

'down lightly' is the definition.
'parachute' can be an answer for 'down' (thesaurus). I'm not sure about the 'lightly' bit.

I cannot understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for parachute that I've seen before include "Equipment for making a descent from an airplane" , "Equipment to break a fall from the sky" , "Drop from plane" , "Devise for making descent from an airplane" , "Eat up char for something to break your fall" .)

I've seen this clue in The Irish Independent.

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