Loch or small lake that's smooth (5)

I believe the answer is:

leven

'loch' is the definition.
(I've seen this in other clues)

'small lake that's smooth' is the wordplay.
'small lake' becomes 'L' (geographical abbreviation; 'small' indicates an abbreviation).
'that's smooth' becomes 'even' (similar in meaning).
'l'+'even'='LEVEN'

'or' is the link.

(Another definition for leven that I've seen is " Loch".)

I've seen this clue in the Evening Standard.

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