Born in Groton, Massachusetts, the son of American Revolutionary War officer Samuel Lawrence, Abbott Lawrence attended Groton Academy (now the Lawrence Academy at Groton). Upon his graduation in 1808, Lawrence became an apprentice to his brother, Amos, as chief clerk in his brother's firm. On the conclusion of his apprenticeship, in 1814, the Lawrences formed a partnership, specializing in imports from Britain and China, and later expanded their interests to textile manufacturing. Initially called A. &amp; A. Lawrence, the firm later was named A. &amp; A. Lawrence and Co. It continued until Amos's death, and became the greatest wholesale mercantile house in the United States. It was successful even in the hard times of 1812-1815. In 1818, A. &amp;. A Lawrence purchased 50 shares of the Suffolk Bank, a clearinghouse bank on State Street in Boston.