Grew naturally from the gap left by the Adventurers Guild's strict legalism. Where the Guild cannot go officially, work still needs doing. The Mercenary Guild found those jobs.

Anything, if the coin is right. Kill contracts. Kidnapping. Freeing slaves in kingdoms where it is illegal. Destabilising governments. Poisoning problems that cannot be punched.

No official presence in any kingdom. No legal registration, no public charter. Operates from the inside, sometimes literally from inside Adventurers Guild buildings, if you know who to talk to and they trust you enough to say so. Every kingdom knows the Mercenary Guild exists. Every kingdom knows it is dangerous to have one. Every kingdom also knows it is useful to have access to one. This mutual understanding is why it survives everywhere without being officially sanctioned anywhere.

Does not exist in remote villages. Towns, The starting point: an informal bar, a clubhouse, a back room. Nothing on paper. Cities and above, More sophisticated networks, but still no official buildings, never a massive presence. The point is to be invisible.