Changing the Font Size of Colormap Legend

How to change the font size of the colormap legend?

If you would like to change the font size of the Text in the legend (Colormap), please follow these steps:

a) Click on File > Preferences...
b) Select "Graphics" tab, go to "Colormap Settings"
c) Change value of drop-down "Text Behavior" to "Fixed Size"
d) Change value of the field "Fixed Font Size" to whichever value you would like it to have
e) Redraw colormap
You might have to resize colormap manually after this step for fitting the new font size as it won't be automatically resized anymore.

In the advanced controls, colormap for each graphic object can be edited separately.