The most common and most likely answer to this crossword clue is the 18 letter word JACK-IN-THE-PULPIT
I've seen this crossword clue in The Times
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More clues leading to the result JACK-IN-THE-PULPIT
Buddy explains!
The straight part
We know that "What disillusioned preacher may do/lords and ladies" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case what disillusioned preacher may do/lords and ladies = jack-in-the-pulpit.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 JACK-IN-THE-PULPIT mean?
JACK-IN-THE-PULPIT noun- A woodland plant of northern Europe, Arum maculatum.
- A plant in the northeastern North America, Arisaema triphyllum.
- (game) Cat's cradle.