Nothing. It is a term generally used out of respect or formality like gentleman or Lord. Though I guess there are usages where it is just a gendered pronoun. T

Nothing. It is a term generally used out of respect or formality like gentleman or Lord. Though I guess there are usages where it is just a gendered pronoun. The only context I've seen where 'lady' might be offensive is when some men enter a room full of other men and addresses them like "hello ladies".