Accuracy is far more important in LR. There is no bigger mistake than getting the complete set wrong. Avoid making guesses or reading in a hurry as it would lead to decreased accuracy.
As far as possible do not attempt LR in the beginning. If you get the set wrong or if it is tough and takes more time, that would affect your performance subsequently.
Use the option substitution method judiciously. LR questions are typically not meant to be solved using substitution of options. The most effective way is to understand the logic behind the question and solve it. There are exceptions to this rule though and you should use them wisely.
Read and understand the common data and questions thoroughly. LR questions appear lengthy as compared to DI sets as they typically offer more information in text. While reading them, one might feel a lot of time is wasted.
Yet, it helps to understand every condition thoroughly before attempting the questions. You may need to revisit the conditions while solving questions. Consider it time utilized not wasted.