Lord Lloyd was educated at Eton College, before performing his National Service in the army. He went to Trinity College, Cambridge, to study classics, but switched to law. He was called to the Bar by Inner Temple in 1955, and became a member of chambers at 3 Essex Court (now 20 Essex Street), practising commercial law. He was appointed Queen's Counsel in 1967, and was made a Queen's Bench Judge, nominated to sit in the Commercial Court, in 1978. He was a Lord Justice of Appeal from 1984 to 1993, when he became a Lord of Appeal in Ordinary. He also served as Chairman of the Security Commission during his time as a Law Lord. He retired in 1999.

Formerly a distance runner, Lord Lloyd enjoyed music and carpentry. Emulating Robert Wright, Rayner Goddard, and Brian Neill by living into his 94th year, he died in December 2024.