The most common and most likely answer to this crossword clue is the 5 letter word ORRIS
I've seen this crossword clue in The Times
O
R
R
I
S
More clues leading to the result ORRIS
- Plant Rumpole talked of in East London?
- Leader dismissed from old car plant
- Yellow top of rootstock is for fragrant preparation
- Maiden has gone off old designer lace
- Root for saving fine, upstanding gentleman
- Type of 1A needed if old car doesn’t start
- Traditional dancing master’s taken root
- Something in perfume has men and gentleman spinning
- Depose head of old car plant
- Iris — first one replaced by yellow variety of it
Buddy explains!

The straight part
We know that "lace" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case lace = orris.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 ORRIS mean?
ORRIS noun- Any of several irises that have a fragrant root, especially Iris × germanica.
- The fragrant root of such an iris.
- A type of gold or silver lace.
- A pattern in which gold lace or silver lace is worked, especially one in which the edges are ornamented with conical figures placed at equal distances, with spots between them.