Since students live in various dormitories around London but go to class at the University's centrally located campus, it is important to note that "school strictness" takes on two distinct forms: academic strictness and dormitory strictness. All this means is that the rules the University implements apply either to dorm life or to academic life—and the two do not overlap. The drinking age in the United Kingdom is 18, so most of the students at LSE can drink in the pubs and clubs around London. This means that drinking largely takes place outside of the dorms. As a result, there is far less conflict than there would be if the school had to regulate drinking inside of the dorms. That being said, if students act wildly in the dorms (setting off fire alarms, being loud during quiet hours, taking showers in the middle of the night), they will be punished accordingly—preventing responsible students from behaving responsibly is taken very seriously.
The LSE is a place where students have to be extremely self-motivated to succeed, and this idea carries over into the school's academic policies. Every class a student enrolls in usually requires one hour of lecture and one hour of class per week. For the lectures, attendance is never taken, so students will not be penalized in the slightest. In the classes, attendance is taken, but students will only face a penalty if they are continuously absent from class. This penalty, however, will only take the form of an awkward talk with your adviser in which he or she says, "You really should go to class," and you reply, "I know." The catch is that if you don't go to class or lecture, you are far more likely to perform poorly on your final exam, and if you fail two exams in a single year, you are kicked out for good!