We present a photometric and structural analysis of 42 E/S0 galaxies in (E/S0 + S) pairs observed in the BVRI color bands. We empirically determine the effects of interactions on their morphology, structure and stellar populations as seen from the light concentration (C), asymmetry (A), and clumpiness (S) parameters. We further compare these values to a control sample of 67 mostly isolated, non-interacting E/S0 galaxies. The paired E/S0 galaxies occupy a more scattered loci in CAS space than non-interacting E/S0's, and the structural effects of interactions on E/S0's are minor, in contrast to disk galaxies involved in interactions. This suggests that observational methods for recognizing interactions at high z, such the CAS methodology, would hardly detect E/S0's involved in interactions (related to early phases of the so called `dry-mergers'). We however find statistical differences in A when comparing isolated and interacting E/S0s. In the mean, paired E/S0 galaxies have A values 2.96+-0.72 times larger than the ones of non-interacting E/S0's. For the subset of presumably strongly interacting E/S0's, A and S can be several times larger than the typical values of the isolated E/S0's. We show that the asymmetries are consistent with several internal and external morphological distortions. We conclude that the interacting E/S0s in pairs should be dense, gas poor galaxies in systems spaning a wide range of interaction stages, with typical merging timescales >~ 0.1-0.5 Gyr. We use the observed phenomenology of these galaxies to predict the approximate loci of `dry pre-mergers' in the CAS space.(Abridged)

23 pages, 9 figures included. To appear in The Astronomical Journal