Cryptic crossword clue
Corruption of Wig and Gown – at last, the realisation 7

The most common and most likely answer to this crossword clue is the 7 letter word DAWNING

I've seen this crossword clue in Financial Times
D
A
W
N
I
N
G

Buddy explains!

The straight part
We know that "the realisation" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case the realisation = dawning.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does DAWNING mean?

DAWNING verb
  1. To begin to brighten with daylight.
  2. To start to appear or be realized.
  3. To begin to give promise; to begin to appear or to expand.
DAWNING noun
  1. Dawn.
  2. The first beginnings of something.

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