He was educated at Eton College, an all-boys public school near Windsor, Berkshire. After serving in the British Army, Lloyd studied law at Trinity College, Cambridge.
He was admitted to the Inner Temple as a barrister in 1955. On 27 November 1948, Lloyd was commissioned into the Coldstream Guards as a second lieutenant. On 27 September 1949, he transferred to the Regular Army Reserve of Officers as a second lieutenant with seniority from 1 January 1949.
This ended his full-time military service.
He was promoted to lieutenant on 3 August 1950. He relinquished his British Army commission on 9 December 1953.
He was a successful barrister, and "took silk" as a Queen"s Counsel in 1967. In 1969 he was appointed Attorney-General to the Prince of Wales, serving until 1977.
In 1978, he was appointed High Court Judge of Queen"s Bench, serving until 1983.
In 1984, he was appointed Lord Justice of Appeal, serving until 1993, and made a Privy Counsellor. On 1 October 1993, he was appointed Lord of Appeal in Ordinary (a "Law Lord"), serving until his resignation on 31 December 1998. He is probably best known for his leading judgment in the case of Page v Smith (1995).
He chaired the special committee on the proposed Speakership of the House of Lords.
In 1996, he conducted a review of British laws against terrorism. His report, Inquiry Into Legislation Against Terrorism, was issued in October 1996.
On 27 March 2015, he retired from the House of Lords. He held the office of Deputy Lieutenant (Doctor of Laws) of East Sussex in 1983.
As a leading barrister, he held several honorary posts at the Inner Temple: Bencher in 1976, Reader in 1998 and 1999, and Treasurer in 1999.
He is a former member of the Court of Ecclesiastical Causes Reserved.