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"Hip pocketed" means keeping anything around for easy access.

A technician may keep a Swiss Army knife in their hip pocket, just in case.

It does imply the person carrying the thing has complete control of it, so if someone's in you hip pocket, it means they are in complete control of another person.

It's become popular in Hollywood for an agent to "hip pocket" an aspiring actor or writer.

The talent may say an agent is "hip pocketing" them. It's not the best or optimal professional relation, but as they say "something is better than nothing."

A producer sends a script to an agent, if the agent doesn't have a client that fits the role, he may give a "hip pocketed" actor the script, and a verbal guarantee that the script was authorized by the producer.

For a writer, it is reversed. You informally give an agents scripts. If a producer asks for a particular idea, the agent may give the producer the writer's script.

If the actor gets the role or the writer sells his script, they sign paperwork and become a client. If not, the agent may continue "hip pocketing" you, sticking to verbal agreements only.

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