Can you set the colour for contacts in Android 5 Lollipop?
Go to google messenger app. (The new SMS app from Google) -> go into a conversation with the contact you want to change colors -> press the three dots on top -> pick People &amp; options -> around the end you'll see a small color palette where you can go in and change the color.

It seems that it currently works ONLY for people you texted (only through the messenger app).