Change label color by clicking on it in Project bin (just like in After Effects)
Change label color of items in your project bin by clicking on the actual label color square - label dialog pops up - and click. After Effects does it beautifully.
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TaranVH commented
Ah, you mean in list mode, not icon mode.
Did you know that you can assign keyboard shortcuts to the label colors? They will work in bins and on the timeline. I've put mine on the numpad.