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It’s a huge concern and is prohibited for most firms.
It’s prohibited at EY.
Most firms prohibit it, and those that don't probably will after it comes to light because it's a huge conflict of interest.
The odds of getting caught depend on several things - the size of the town you're in, how high specialized you are, how unique your name is, etc. And one of your firms can burn you to the ground whenever they feel like it. So decent chance.
You can’t do that