The UK has been using a title system known as "peerage" since ancient times. Hence, it is common in that territory for people to possess such titles, and in the contemporary era, more than ever.
Still, becoming a lord or lady wasn't as easy as it is right now until the first half of the last century. Then, in 1958, things started changing as they stopped being hereditary titles granted to people by the king or the queen.
Inherited titles are a thing of the past. However, something that hasn't changed since many centuries ago is what these titles mean.
What the titles of lord or lady mean
There isn't any major difference between the lord and lady titles as both have the same rank in the peerage system.
For starters, the duke and duchess titles are the highest in the mentioned system. People with this title are addressed by it, while the rest of the ranks are addressed by "lord" or "lady" accordingly. So, for instance, if that person is a marquess, people will usually call them lord when they're referring to their person.
People with higher titles are addressed with their corresponding titles (i.e., Duke and Duchess. As mentioned above, the rest of the ranks within the system are addressed with the titles of "lord" and "lady," accordingly.
Conclusion
The titles of lord and lady don't have any differences except the concepts that people associate with them.
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