However, the shifts have also flowed the other way, with Cushman managing to grab four top agents specializing in class B transactions from Eastern Consolidated Properties' New York office. And Lance Ross, a former principal with Ross Brown Partners Inc. in Phoenix, recently jumped ship--along with associates Nathan Thinnes and Eric Iantorno--to join C&W's industrial properties division.

"We don't want someone that just wants the short-term benefits of being bought," explains Mosler, adding that instead of a signing bonus, C&W offers a "solid, stable, global company with strong leadership." He was quick to point out that these qualities are also not going to be found at a boutique, start-up firm.

"It's challenging to be a boutique organization," he states. "You can't service the same type of clientele." He states that small companies lack the global appeal and the integrated platforms to attract the big accounts. "It limits the type of clients you can service."

Stephen Siegel, chairman and CEO of Insignia/ESG, agrees that, "the last thing a broker should do now is create a start-up. There's a place for the boutique firm, but it's difficult to launch a start-up and compete with the depth of a major firm."

In fact, Insignia might soon become part of the largest real estate brokerage firm in the world. On Feb. 7--after this interview took place--GlobeSt.com reported that CB Richard Ellis is in negotiations to buy parent firm Insignia Financial Group. Aside from a written statement, the firm has been tight-lipped about the ongoing talks, which ultimately could spur even more movement between brokerages.

Regardless, Siegel thinks that reports of broker shuffling to date has been "overblown. The flurry of it started with the advent of the signing bonus that didn't exist in this industry before." He goes on to say that while Insignia/ESG does not offer a signing bonus in its established markets, like New York, it has "bought personnel to supplement business in areas where we didn't have a large presence."

Such was the case in Los Angeles, where I/ESG offered bonuses to sign on new execs. "A person still has to be dissatisfied to leave their existing company," Siegel adds. "But some of them will be attracted by the bonus if it's sufficient enough to cover them until business improves."

But many of the brokers that ESG snagged during its growth phase four years ago--when it began buying smaller brokerage houses around the country--are now seeing their employment contracts coming up for renewal.

Siegel was quick to note these agents "are not going to leave just because their contract is up." In fact, many have already decided to re-sign despite the lack of financial incentives to do so, he explains, adding, "We will not re-sign a broker and pay them another signing bonus."

Despite the warnings against startup ventures, Ernst & Young LLP real estate advisory services partner Bradley M. Hall thinks that brokers whose contracts are due may be looking to break out on their own. "I think we'll see an emergence of boutique firms," he predicts. "If top-performing brokers--who are already entrepreneurial--don't see the benefits of a larger, national brokerage house, as their contracts expire, they have the potential to start their own firms." Hall admits that he has not yet seen this starting to occur.

"For brokers, their book for business is theirs, they don't care whose name is above the door," he explains, noting signing bonuses could encourage them to "jump firms every two years."

Despite the lure of financial incentives, he agrees that, in the long run, firms that veer from signing bonuses will prevail. Suggesting these monetary incentives "set a dangerous precedent," he recommends that brokerages concentrate "on having a platform to offer brokers that's more attractive than a bonus, such as a better support network, IT that gives them higher access to information, support teams to do research and presentations, better name recognition, and a global presence."

It should be noted that executives of Jones Lang LaSalle were approached for this article, particularly as it concerns the compensation of the newly appointed New York team. They would not go on the record, beyond saying that the firm's global service platform "was one of the key factors that attracted such talented professionals as Peter Riguardi and Bob Flippin as well as John Wheeler, Frank Cento and Chris Krantz."