Prepared to give a free hand even on the last day (5)
I believe the answer is:
ready
'prepared' is the definition.
(associated in meaning)
'a free hand even on the last day' is the wordplay.
'even' means one should take alternating letters (even-numbered letters are used).
'on' says to put letters next to each other.
'the last' says to take the final letters (I've seen 'the last of' mean this).
The last letter of 'day' is 'y'.
'free'+'hand'='freehand'
The alternating letters of 'freehand' are 'read'.
'read'+'y'='READY'
'to give' is the link.
(Other definitions for ready that I've seen before include "Primed" , "Waiting" , "Suitably prepared" , "In addition" , "All set to go" .)