Standard time followed, say (7)
I believe the answer is:
average
'standard' is the definition.
(similar in meaning)
'time followed say' is the wordplay.
'time' becomes 'age' (an age is a period of time).
'followed' says to put letters next to each other.
'say' becomes 'aver' (synonyms).
'age' after 'aver' is 'AVERAGE'.
(Other definitions for average that I've seen before include "Normal in arithmetic way" , "About normal or usual" , "Medial" , "Arithmetic mean" , "Mean - norm" .)