Do not accept a counter, and no I don't want to hear your counterpoint.
If you have formally accepted an offer from another company, and then sat down with your current employer to tell them that you're leaving, then LEAVE!
Assuming, for argument's sake, that the new company has offered you 20% more in annual compensation, and upon telling your current employer, your company decides to "step up" and match the offer. What do you really have?
Well you have the money that was promised to you and without any of the hassle of leaving. That's just about the only positive that's worth discussing.
Let's consider the myriad minuses. Your current employer will now, and most likely forever, consider you to be less than loyal. This makes you less likely to be promoted, and more likely to be downsized if times get tough. You will be seen as someone who puts yourself ahead of the team and the company, certainly not a plus. The most significant concern that should be addressed is that you have shown your hand and it's a distinct possibility that your company will start working without your knowledge to replace you.
The most logical reason for a company to make a counteroffer, is not because you, the candidate, is irreplaceable. It is instead because it it's convenient at the time. What will frequently happen immediately after a company makes a counteroffer, is the company will immediately call someone like me and say, we need you to start a search for a CFO. The will go on to tell me that their CFO is looking to make a change and they need to have several strong candidates lined up quickly.
You were willing to leave them, so now they are looking to cut ties with you, but on their terms. Do not get into this situation! Of course there are exceptions to this rule, and some counteroffer stories have happy endings, but as just stated, those happy stories are the exception.
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