Hensel's lemma, combined with repeated applications of Weierstrass preparation theorem, allows for the factorization of polynomials with multivariate power series coefficients. We present a complexity analysis for this method and leverage those results to guide the load-balancing of a parallel implementation to concurrently update all factors. In particular, the factorization creates a pipeline where the terms of degree k of the first factor are computed simultaneously with the terms of degree k-1 of the second factor, etc. An implementation challenge is the inherent irregularity of computational work between factors, as our complexity analysis reveals. Additional resource utilization and load-balancing is achieved through the parallelization of Weierstrass preparation. Experimental results show the efficacy of this mixed parallel scheme, achieving up to 9x parallel speedup on 12 cores.