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Photoshop ideally doesn't have any features for creating Dropcaps. It was never meant to be a type intesive tool.The only way that I know of is to create a text layer which contains everything but the first letter of the first paragraph of your content. Then select the first few lines (The number of lines depends on how big you want the drop cap to be) and head on out to the Paragraph tool (Windows>Paragraph) You can then create a right indentation to whatever appropriate size that you like. (This depends on the font that you use for the text) Now that those few lines have been pushed to the right, create another text layer which contains the first letter of the paragraph. Adjust it's size, and position it appropriately to look aesthetically pleasing with the paragraph. (If you want to do this accurately, I'd suggest using guides and rulers to help you)There isn't any automatic way to do this in photoshop, but doing it the manual way has never failed me yet (:
