But what does it have to do with my phones capability to record a call?
If you can hear it, you can record it.
I record most of my calls. At work I use a Nexxtech telephone recorder similar to this this. I plug the 3.5 mm jack in to my Tascam DR-07 digital recorder. When I place or receive a call I just press record then log the call details along with the file name when it ends.
If a call comes in on my cell that I want to record I ask the caller to wait while I put them on speakerphone then use the Tascam's built in mics to record the conversation.
If you don't have a stand-alone recorder, a laptop with built-in mic and/or audio input and something like Audacity will do nicely as well.
If your phone lacks the ability to record conversations, either because it doesn't have speakerphone capabilities or can not work with a device like the one I linked to above, I would replace the phone. Cordless phones can be problematic as they emit rf that can be picked up by the recorder but a cordless with speakerphone either on the base station or handset should work with a digital recorder with built-in mics.
The biggest challenge with recording calls is keeping track of all them so you can find the relevant one in the future. I hacked together a simple PHP/MySQL application I host on my personal site that I use to log calls but a spreadsheet works well too. It's also helpful to begin recordings with whatever detail you can provide prior to dialling or answering. That way you just have to listen to the first few seconds of your recording to find out what the call is about.
If the laws where you live prevent you from recording a conversation you are participating in I would say you have significantly bigger problems than your phone's hardware capabilities.
I keep written notes of meetings, I keep my old notebooks, I keep a (semi) daily journal, I archive emails, appointment calendars and task lists as well as text messages and all other forms of written communications. I see no reason why I should not be able to record any conversation I am part of. If a person asks me to not share what was talked about with others, the existence of a recording has no relevance to that. If I can remember it, there is a record.
As far as calls with companies go, I can't remember the last time a call to or from a business or government agency didn't include the disclaimer that "for quality control and training purposes, this call may be monitored or recorded." I always reply that it most certainly is.
In general I don't record personal calls with friends or my wife, since it's unlikely I will need a record of those calls in the future. But they *are* being recorded, of that I have no doubt. All calls are recorded by various agencies and companies. I have no control over that. What I can do is keep my own record of my calls, just in case the need ever arises for me to know what exactly was said.
As long as you take reasonable precautions to safeguard these recordings - as you would your written communications - I can not see why there would be a problem with it.