Not really; the knight swore fealty to the Lord. However, part of this oath gave him a status as a Knight; this is completely different than the status of commoner, who were in servitude, and freemen, who are paid for their work.
"Firing" a knight should always be a dishonour for both the fired and the firee (which does not mean it does not happen). Firing a worker is normal.
Misunderstandings can hapen considering how easily oafs are given and accpted.From what I've seen a lord will hire just about any noble that comes along.Would more intresting if knighthood was earned rather the given to any newcomer noble.
What about a knight simply leaving his liege?It hapens more often then the other situation.