This summary is not the rule. The rule text controls.
Lawyers cannot agree to limit their own right to practice law in the future just to gain some business advantage. For example, a law firm cannot make a lawyer sign a contract saying that if they ever leave the firm, they won't be allowed to compete for clients or work in the same area. The only exception is for retirement plans, where reasonable limits are allowed since the lawyer is leaving the profession anyway.
This rule also applies when settling a lawsuit. A lawyer cannot agree, as part of a settlement deal, to stop representing other clients with similar claims against the same defendant in the future. This kind of deal would punish the lawyer for doing their job and would make it harder for other people to find good legal help later on.
The reason for this rule is simple. Clients need to be able to choose their own lawyer freely. If lawyers could be bought out of practicing law or blocked from taking certain cases, it would limit choices for the public and could let wealthy parties silence lawyers who oppose them. This rule protects everyone's access to legal representation.