A counterweight assembly for a container lid that allows for control over the operating characteristics of the lid during opening and closing. The counterweight assembly is preferably used with a container having one or more walls, a floor, and a lid positioned on top of the walls, the lid being rotatable about a horizontal hinge axis. The counterweight assembly includes a counterweight, and a coupling arm rotatable about a counterweight axis that is located within the container. The counterweight is connected to one end of the coupling arm. The other end of the coupling arm exerts a force against the downward facing surface of the lid.