Born to a Jewish family in Ancona, Italy, he worked in commerce there before emigrating to Liverpool in 1844.

At the time, English law regarding the establishment of local chambers of commerce was highly unsystematic and wanting.

He therefore advocated their institution in numerous pamphlets, leading to the establishment of the Liverpool Chamber of Commerce in 1849, with Levi as its secretary.

Appointed in 1852 to the chair of commercial law at King's College London, he was a popular instructor who innovated evening classes.

Levi was called to the bar at Lincoln's Inn in 1859, and a doctorate in political science from the University of Tübingen.