Went through this last quarter. Going to be specific because vague negotiation advice is useless.
Initial offer (SWE L3 equivalent, NYC): $175k base, $75k equity over 4 years, $15k signing. TC roughly $205k.
What I tried: Asked for $195k base citing competing offers. Got $185k. They said base is the hardest lever. Pushed signing to $25k because I was leaving unvested equity on the table. Got $22k. That part moved more easily than I expected. Asked for equity bump. Got a flat no. They said equity refresh timelines are on a fixed cycle and they couldn't touch it outside of that.
Final: $185k base, $75k equity, $22k signing. TC ~$215k.
Things I noticed:
What moves: Signing bonus. If you have a real reason (unvested stock, moving costs, timeline gap) they have discretion there. Base can move but not a lot, maybe 5-7%. Equity almost never moves at initial offer, from what I've seen.
What doesn't move: Level. I asked if there was a path to L4 offer and got a polite no. They said leveling is determined by the panel and they don't re-level after the debrief.
Competing offers matter. I had a real competing offer and shared the number (not the company name). That's what moved the base. I've heard they don't respond as much to vague competing offer claims.
Be specific about your ask. Don't say "can you do better." Say "I need $192k to make this work given X."
Net net: you have more room on signing than base, and almost no room on equity at the offer stage.