@Amigo,
An old boss used to work on handshake - big projects - but he would follow up with a short good contract. This was interesting - he was japanese american, and some of his best clients were chinese american. In other situations, our firm had killer contracts, just as we had killer specs. Me, I hate the paper stuff, although in my own firm we did get a lawyer in on one big contract at the start.
I'm glad to be rid of all that. I've a friend who thrived on it. I think she was nuts.