diff --git a/prometheus_client/metrics.py b/prometheus_client/metrics.py
index e3fe5323..dd20a33b 100644
--- a/prometheus_client/metrics.py
+++ b/prometheus_client/metrics.py
@@ -178,6 +178,11 @@ def labels(self: T, *labelvalues: object, **labelkwargs: object) -> T:
             if len(labelvalues) != len(self._labelnames):
                 raise ValueError('Incorrect label count')
             str_labelvalues = tuple(str(l) for l in labelvalues)
+        try:
+            return self._metrics[str_labelvalues]
+        except KeyError:
+            pass
+
         with self._lock:
             if str_labelvalues not in self._metrics:
 
diff --git a/tests/test_core.py b/tests/test_core.py
index 3aa19c24..a502cfdb 100644
--- a/tests/test_core.py
+++ b/tests/test_core.py
@@ -1,5 +1,6 @@
 from concurrent.futures import ThreadPoolExecutor
 import os
+from threading import Barrier, Event
 import time
 import unittest
 
@@ -621,6 +622,58 @@ def test_child(self):
         self.two_labels.labels('x', 'y').inc(2)
         self.assertEqual(2, self.registry.get_sample_value('two_total', {'a': 'x', 'b': 'y'}))
 
+    def test_existing_child_during_other_child_creation(self):
+        started = Event()
+        release = Event()
+
+        class SlowCounter(Counter):
+            def _metric_init(self):
+                if self._labelvalues == ('slow',):
+                    started.set()
+                    if not release.wait(timeout=10):
+                        raise RuntimeError('Child creation was not released')
+                super()._metric_init()
+
+        counter = SlowCounter('slow', 'help', ['l'], registry=self.registry)
+        existing = counter.labels('existing')
+        with ThreadPoolExecutor(max_workers=2) as pool:
+            creating = pool.submit(counter.labels, 'slow')
+            try:
+                self.assertTrue(started.wait(timeout=5))
+                lookup = pool.submit(counter.labels, 'existing')
+                self.assertIs(existing, lookup.result(timeout=5))
+            finally:
+                release.set()
+            self.assertIs(creating.result(timeout=5), counter.labels('slow'))
+
+    def test_concurrent_child_creation_and_updates(self):
+        barrier = Barrier(8)
+
+        def increment():
+            barrier.wait(timeout=5)
+            child = self.counter.labels('shared')
+            for _ in range(100):
+                self.counter.labels(l='shared').inc()
+            return child
+
+        with ThreadPoolExecutor(max_workers=8) as pool:
+            futures = [pool.submit(increment) for _ in range(8)]
+            children = [future.result(timeout=5) for future in futures]
+
+        self.assertTrue(all(child is children[0] for child in children))
+        self.assertEqual(800, self.registry.get_sample_value('c_total', {'l': 'shared'}))
+
+    def test_recreate_child_after_removal(self):
+        for remove in (lambda: self.counter.remove('x'), self.counter.clear,
+                       lambda: self.counter.remove_by_labels({'l': 'x'})):
+            original = self.counter.labels('x')
+            original.inc()
+            remove()
+            replacement = self.counter.labels('x')
+            self.assertIsNot(original, replacement)
+            self.assertIs(replacement, self.counter.labels(l='x'))
+            self.assertEqual(0, self.registry.get_sample_value('c_total', {'l': 'x'}))
+
     def test_remove(self):
         self.counter.labels('x').inc()
         self.counter.labels('y').inc(2)