University lecturer's first time -- and one friend's last (8)
I believe the answer is:
ultimate
'last' is the definition.
(similar in meaning)
'university lecturer's first time and one friend's' is the wordplay.
'first' indicates taking the first letters.
'time' becomes 't' (abbreviation).
'and' means one lot of letters go next to another.
'one' becomes 'i' (Roman numeral).
'friend' becomes 'mate' (mate is a kind of friend).
The first letters of 'university lecturers' is 'ul'.
'ul'+'t'+'i'+'mate'='ULTIMATE'
(Other definitions for ultimate that I've seen before include "Utmost; last" , "Last possible, final" , "Mutilate in last possible way" , "Conclusive" , "Final - mutilate (anag)" .)