Do you have a death grip on your iPhone and does it cause signal loss? Do you want to be paid for this problem? A California based law firm - Kershaw, Cutter & Ratinoff - is famous for class action lawsuits and now has Apple in its sights.

No actual lawsuit has been mentioned yet but they are conducting a consumer investigation regarding the drop in reception when you hold your phone in your left hand and cover the band that functions as an antenna. If you read their website they ask you to contact them if you “recently purchase the new iPhone and have experienced poor reception quality, dropped calls and weak signals.”

They are the class action equivalent of the “ambulance chaser” personal injury lawyers on late night television. Combine that with Apple’s pending lawsuits and history of settling and you have a recipe for success and notoriety for the firm.

Last year, Apple settled for $22.5 million about the original iPod and it’s susceptibility to scratching. This summer they are already entrenched in a lawsuit over the promise to provide unlimited data plans for iPad users only to have the terms changed shortly after launch pending the arrival of the iPhone 4.

Now that the iPhone 4 is in hands of users, the crystal clear screen is being trumped by its inability to hold a call when the phone is held in a certain orientation. Apple’s answer to this? Don’t hold it that way.

There has been talk of a software fix but straight from the horse’s mouth, Steve Jobs said in an email “There is no reception issue. Stay Tuned.” Everyone is tuned in, Steve, and waiting for a solution or the opening of a class action lawsuit for a few bucks if you don’t get it together.