Add attribute label to feature or layer using arcpy

Discussion created by deleted-user-MS0lE1F_0-sy on Dec 20, 2011
Is it possible to add a label based on as attribute or a .lyr using arcpy?

I know you can using UpdateLayer, but if you want to label it you are essentially removing a layer and adding a new one, which I do not want to do.  I want to keep my original feature or layer.

I appreciate any and all help on this issue.