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Try it. Negotiating new offers is very common, if not outright expected.
OK so the head of my practice came back to me with a counter offer of only $5k higher than what the other firm is offering...is this even worth renegotiating?
When the MD makes a counter offer, use that to get a higher counter offer at the other firm. Your current firm might be eventually looking to replace you if you accept their counter since they already know you want to leave.
Negotiate with the other firm. They are already prepared to budge. If you don’t try, you’ll leave money or benefits on the table.