Just an FYI - contrary to the documentation the newest version of the ArcGIS License Manager 10.2.1 does not appear to support a ArcGIS Desktop 9.3.1 client. Did they take this out because support for 9.3.1 "ended" on December 31, 2013?
The 10.2.0 license manger worked with Desktop 9.3.1, 10.0, and 10.2 clients but not 10.1.
The 10.2.0 license manger worked with Desktop 9.3.1, 10.0, and 10.2 clients but not 10.1.