That volume occupied by the liquid phase in the column. Defined by \[V_{\text{L}}=\frac{w_{\text{L}}}{\rho _{\text{L}}}\] where w L is the weight of the liquid in the column, and ρ L is the density at the column temperature.
Source:
Orange Book, 2nd ed., p. 99 (https://media.iupac.org/publications/analytical_compendium/)