Maxim putting lead around dog (7)
I believe the answer is:
proverb
'maxim' is the definition.
(I've seen this before)
'lead around dog' is the wordplay.
'lead' becomes 'Pb' (Pb is the chemical symbol for lead).
'around' indicates putting letters inside.
'dog' becomes 'rover' (Rover is a common name for a pet dog).
'pb' enclosing 'rover' is 'PROVERB'.
'putting' is the link.
(Other definitions for proverb that I've seen before include "Generally true saying" , "Pithy saying expressing a general truth" , "gnome" , "Wise saying" , "encapsulate wisdom" .)