<p>
<span class="firstcharacter">L</span> orem ipsum dolor sit amet, consectetur adipiscing elit.
</p>

.firstcharacter {
  color: #903;
  float: left;
  font-family: Georgia;
  font-size: 75px;
  line-height: 60px;
  padding-top: 4px;
  padding-right: 8px;
  padding-left: 3px;
}