Using a large sample of optical spectra of late-type dwarfs, we identify a subset of late-M through L field dwarfs that, because of the presence of low-gravity features in their spectra, are believed to be unusually young. From a combined sample of 303 field L dwarfs, we find observationally that 7.6+/-1.6% are younger than 100 Myr. This percentage is in agreement with theoretical predictions once observing biases are taken into account. We find that these young L dwarfs tend to fall in the southern hemisphere (Dec < 0 deg) and may be previously unrecognized, low-mass members of nearby, young associations like Tucana-Horologium, TW Hydrae, beta Pictoris, and AB Doradus. We use a homogeneously observed sample of roughly one hundred and fifty 6300-10000 Angstrom spectra of L and T dwarfs taken with the Low-Resolution Imaging Spectrometer at the W. M. Keck Observatory to examine the strength of the 6708-A Li I line as a function of spectral type and further corroborate the trends noted by Kirkpatrick et al. (2000). We use our low-gravity spectra to investigate the strength of the Li I line as a function of age. The data weakly suggest that for early- to mid-L dwarfs the line strength reaches a maximum for a few 100 Myr, whereas for much older (few Gyr) and much younger (<100 Myr) L dwarfs the line is weaker or undetectable. We show that a weakening of lithium at lower gravities is predicted by model atmosphere calculations, an effect partially corroborated by existing observational data. Larger samples containing L dwarfs of well determined ages are needed to further test this empirically. If verified, this result would reinforce the caveat first cited in Kirkpatrick et al. (2006) that the lithium test should be used with caution when attempting to confirm the substellar nature of the youngest brown dwarfs. Comment: 73 pages with 22 figures; to appear in ApJ (Dec 20, 2008, v689n2 issue)