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Today I had Steam start throw­ing an error that it is being run in com­pat­i­bil­ity mode when I had never set such a thing, nor were either the short­cut or EXE itself flagged for com­pat­i­bil­ity mode. Thanks to a lit­tle googling, I found this thread on the Steam forums which finally had a solution.

Open the reg­istry edi­tor (if you don’t know how to do this, you should not be mess­ing around in the reg­istry) and browse to HKEY_CURRENT_USER\Software\Microsoft\Windows NT\CurrentVersion\AppCompatFlags\Layers and HKEY_LOCAL_MACHINE\Software\Microsoft\Windows NT\CurrentVersion\AppCompatFlags\Layers. Look for entries in those keys men­tion­ing steam.exe and delete them. Restart Steam and you’re set!