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I'm a 5th year midlevel at a biglaw firm that implements a delayed annual raise due to merit based system. Currently interviewing with other lockstep firms, and am curious about the typical timing of lockstep raises. Are lockstep raises given out in September, December? So if I join as a 5th year (assuming I join before the next raise takes effect), I could be receiving a raise to the 6th year lockstep salary just a couple months after I join - right? Or do associates typically try to come in a year ahead salary wise so they don't have to deal with this situation?

My understanding is Jan 1, sometimes a bit late with retroactive payment of the raise. You'll get the lockstep raise as a lateral. If they want to cut you're class year they'll just hire you at a lower class year.