jQuery Testimonials Showcase Convert Label to Placeholder

jQuery(".ttshowcase_form_wrap form :input").each(function(index, elem) {
    var eId = jQuery(elem).attr("id");
    var label = null;
    if (eId && (label = jQuery(elem).parents("form").find("label[for="+eId+"]")).length == 1) {
        jQuery(elem).attr("placeholder", jQuery(label).html());
        jQuery(label).remove();
    }
 });