Judging by the density of the shadows under her hand and at the base of the telephone, the lights are fairly high and probably six or eight reflector diameters away on either side of the camera. I think that there is the reflection of one light in her glasses; this looks like a round source, which is consistent with either hot lights or strobes in aluminum reflectors, with little or no diffusion.

I think that there really is a "'70's look", simply because I can usually guess the vintage of a picture to within five years or so from the subtleties of the film, lighting, and posing. I would put this in the early 1970s because of her hair and clothing and the fact that it seems not to have been done with monolights and umbrellas. The film and props all play into this as well (up through the mid-1960s, that telephone would probably have been black). On the other hand, this looks to be a fairly simple "stock" photo, and at the other end of the range lie the elaborate studio setups for magazine photography, which are entirely different.

As far as emulating this today, you would probably need suitable reflectors for your lights---monolights and umbrellas will definitely give you a different look unless you have an enormous studio (a 12" reflector five feet away is going to be like a 36" umbrella fifteen feet away, but even then the incidental fill from wall reflections is going to be different). I think you might be able to mask small softboxes down to 12" openings and achieve something like this lighting; once you have matched the shadow characteristics (angles, depth, and sharpness) the rest is going to depend on the posing, film, and props.