I bought this book in 2004, and it was already outdated then. There is little in it that you could not glean from websites or thinking through the issues in being a contract lawyer. That is, assuming you could get hired as one post 2008.
Edit (2010): If you are seriously interested in being a contract lawyer, this book does cover some topics that you may not have thought about. But I would be wary of taking this advice without doing your own research. Take a look at the table of contents, and if you are familiar with the subjects, you already know what this book has to offer.