Laughing out loud with accountant in pub (5)
I believe the answer is:
local
'pub' is the definition.
(one's local pub)
'laughing out loud with accountant' is the wordplay.
'laughing out loud' becomes 'lol' (abbreviation).
'with' is an insertion indicator.
'accountant' becomes 'CA' (abbreviation for chartered accountant).
'lol' enclosing 'ca' is 'LOCAL'.
'in' is the link.
(Other definitions for local that I've seen before include "Regional, parochial" , "belonging to particular area?" , "Pub down the road?" , "Neighbourhood pub or resident" , "Confined to a place" .)