Pendlebury's services will be retained by Strategic Management, while Pickering and work colleague James Pitcher have left to start up Precision Sports and Entertainment Group.
Franklin announced earlier this week he had split with Pickering and his management company, to instead join a celebrity management company based in Sydney.
It has been reported that high-profile stars Gary Ablett, Dane Swan, Jack Riewoldt and Jarryd Roughead are expected to stay with Pickering.
But it's unclear what will happen to his existing clientele, which also includes Daniel Wells and James Kelly among others.
Pickering and Pitcher could find themselves in the middle of a legal battle, with Strategic Mangagment managing director Jason Sourassis.
Sourassis is considering whether to push ahead and claim damages and loss of income - up to $2 million - from the Franklin deal.
"We are strongly considering our legal position in regards to the behaviour of Liam Pickering and James Pitcher," Sourassis told News Limited.
"As legal proceedings are imminent, I can’t make any further comment."
Pickering was the man who orchestrated Franklin's shock nine-year, $10 million deal to the Sydney Swans.
