Scholarly life summit includes baldies occasionally (7)
I believe the answer is:
academe
'scholarly life' is the definition.
(academic life)
'summit includes baldies occasionally' is the wordplay.
'summit' becomes 'acme' (synonyms).
'includes' means one lot of letters goes inside another.
'occasionally' indicates alternate letters.
The alternating letters of 'baldies' are 'ade'.
'acme' enclosing 'ade' is 'ACADEME'.
(Other definitions for academe that I've seen before include "University environment" , "The scholarly world" , "universities" , "The teaching environment" , "The educational sector" .)