Soothing word, razor initially having cut you once (5)
I believe the answer is:
'soothing word' is the definition.
('there there' is said to comfort someone)
'razor initially having cut you once' is the wordplay.
'initially' indicates taking the first letters.
'having cut' means one lot of letters goes inside another.
'you once' becomes 'thee' (historical second person pronoun).
The initial letter of 'razor' is 'r'.
'r' put inside 'thee' is 'THERE'.
(Other definitions for there that I've seen before include "in that case", "Word of comfort", "In position", "On the spot", "Present".)