From Fallen London Wiki

A petty thief dreaming of the big score...for now. Perhaps you'll become a seasoned confidence trickster, a cat-burglar, a gang boss.

Wiki note: While being a Pickpocket you'll get an 250 CP increase in Shadowy every week with your payment. Note however that this only lasts until level 70

Unlocked with: Become a Pickpocket

Weekly Payment: What has it got in its gropus?

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The profession item has no documented uses.