law
灋 centers on the concept of law, order, or a standard rule. It is a rare, classical character for legal principles.
灋 is the ancient form of 法 (law). It combines 氵 (water) suggesting levelness or impartiality, 廌 (a mythical beast that could discern right from wrong), and 去 (to go/remove), together representing the idea of removing injustice with impartial judgment.
The left side has water 氵, suggesting a level surface like justice. The right side contains a mythical beast 廌 that could butt the guilty, and 去 (to go) below it, as if the beast drives away wrongdoing. Together they create the idea of law.
For ホウ, imagine a judge holding a gavel and declaring '法 (ほう) is the law!' The sound ホウ echoes the modern kanji 法, which is the simplified version of 灋.