Apparatus and methods for compensating a landing string due to movement of a floating rig platform are provided. In one aspect, a compensation system for use with a landing string is provided. The compensation system includes a slip joint member attachable to the landing string, the slip joint member having an upper portion and a lower portion. The compensation system further includes a first lock assembly configured to connect the upper portion of the slip joint member to a floating rig. Additionally, the compensation system includes a second lock assembly configured to connect the lower portion of the slip joint member to a riser disposed below the floating rig. In another aspect, a method for compensating a landing string due to movement of a floating rig is provided.