I have an offer from another firm but the MD of my practice is looking to make a counter offer. Should I take that counter offer to the other firm to get an even higher salary? All else being equal, I'd go with the other firm.

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Try it. Negotiating new offers is very common, if not outright expected.

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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.

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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.

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