Techniques are disclosed for managing lock contention in a multithreaded processing system. In one embodiment, a method includes tracking a current total amount of time that one or more software threads are prevented from execution due to a lock, a current utilization of one or more hardware threads in the processor, and a current number of dispatchable software threads. If the current total amount of time exceeds a predetermined threshold, the method includes performing a comparison of the current total amount of time, the current utilization, and the current number of dispatchable software threads to one or more past measurements. Based on the comparison, the method includes determining if reducing a number of active hardware threads will reduce a wait time. If reducing the number of active hardware threads will reduce the wait time, reducing the number of active hardware threads.