We derive the conservative secular evolution of precessing compact binaries to second post-Newtonian order accuracy, with leading-order spin-orbit, spin-spin and mass quadrupole-monopole contributions included. The emerging closed system of first-order differential equations evolves the pairs of polar and azimuthal angles of the spin and orbital angular momentum vectors together with the periastron angle. In contrast with the instantaneous dynamics, the secular dynamics is autonomous. This secular dynamics reliably characterizes the system over timescales starting from a few times the radial period to several precessional periods, but less than the radiation reaction timescale. We numerically compare the instantaneous and secular evolutions and estimate the number of periods for which dissipation has no significant effect, e.g. the conservative timescale. We apply the analytic equations to study the spin flip-flop effect, recently found by numerical relativity methods. Our investigations show that the effect does not generalize beyond its original parameter settings, although we reveal distinct configurations exhibiting one half flip-flops. In addition, we find a flip-flopping evolution of the orbital angular momentum vector, which ventures from one pole to another through several precessional periods. This is a new effect, occurring for mass ratios much less than one.