On 27 October 1913, 29 former pupils of Lauriston gathered together to form an old girls club. The aims of the Club were primarily social. Through regular meetings, the members hoped to maintain the friendships formed in their school days, while enjoying a range of extracurricular sporting, dramatic, literary and philanthropic activities. 

A small subscription was levied on members, and this was used to finance a school magazine (the Lauristonian) which included a section with news of old girls. Since Lauriston was at this time a private business, owned by headmistresses Margaret and Lilian Irving, the Old Lauristonians Club was not expected to provide significant financial support for the school. However, the Club (renamed the Old Lauristonians Association in 1923), did raise funds over the years for sporting facilities and for a scholarship to be awarded to the daughter of a fallen soldier. 

The OLA played an important role in keeping the school afloat during the difficult years of the Great Depression, rallying around the school's new Headmistress, Miss Elizabeth Kirkhope, and doing its best to bolster enrolments from within its own community. 

In 1948 , the OLA was represented on the provisional committee set up to establish Lauriston as a non-profit, limited guarantee company, securing the right to elect three members annually to the newly-formed governing body of the school. For many decades, the most important event in the OLA calendar was the annual "At Home". Held on the school premises, the At Home attracted large numbers of old girls and their children, who enjoyed afternoon tea served by the prefects and probationers, followed by games and entertainment. 

In 1951, the OLA "At Home" was re-named Founders' Day to mark the schools 50th Jubilee, and to honour the memory of the Misses Irving, who had died in the previous decade. Nearly 300 people were present on the first Founders Day. In later years, Founders Day was replaced by a luncheon, and in 1989, by an annual dinner. In 2013, 100 years after the establishment of the OLA, Founders Day was once again celebrated at Lauriston.

The OLA provides opportunities for past students to:

• Support and enjoy Lauriston through involvement in a community of different interest groups 

• Participate in social events for the School community 

• Raise funds for Lauriston projects.