Senior lord, perhaps, out East (5)
I believe the answer is:
older
'senior' is the definition.
('older' can be a synonym of 'senior')
'lord perhaps out east' is the wordplay.
'perhaps' is an anagram indicator.
'out' means one lot of letters goes inside another.
'east' becomes 'e' ('E' can be a synonym of 'east').
'lord' with letters rearranged gives 'oldr'.
'oldr' placed around 'e' is 'OLDER'.
(Other definitions for older that I've seen before include "More aged" , "More senior" , "more history" , "Of greater age (O, not E)" , "Advanced in years (but wiser?)" .)