In a half-duplex speakerphone that includes transmit and receive attenuators for alternatively isolating either a speaker or a microphone from a phone line, the attenuators being controlled by a controller that compares a signal generated by the microphone with a signal received on the phone line to determine which of the transmit or receive attenuators should be turned on, the improvement comprising providing first and second variable gain amplifiers, the first variable gain amplifier being connected so as to amplify the signal generated by the microphone prior to the signal being connected to the controller, and the second variable gain amplifier being connected so as to amplify the signal received on the phone line prior to the signal being connected to the controller, the first and second variable gain amplifiers having adjustable gain controls that are connected such that the gain of the first variable amplifier is decreased when the gain of the second variable amplifier is increased and vice versa, the adjustable gain controls being adjustable by a user of the speakerphone.