Remove every other bone from the lamb rack. Trim off any excess fat and thick silver skin. Cut into 4 chops.
Rub the chops with 1/2 tbsp olive oil, rosemary, garlic, sage, salt, and pepper. Refrigerate at least 1 hour preferably overnight.
Preheat oven to 350 degrees. Heat a large skillet with 1 tbsp olive oil. Sear all sides of the chops and cook in the oven for 10-15 minutes until 130-135 degrees. Medium rare. Remove from the oven and rest for 10 minutes. Serve with parsnip puree and fig reduction.
Stock
Preheat oven to 400 degrees. In a large deep sided skillet place onion, garlic, carrot, and lamb bones and cook in the oven for 30 minutes.
Transfer the skillet to the stove and add the port. Heat over medium heat. Add all other ingredients. Bring to a simmer and reduce heat to medium low. Reduce the liquid to two cups. Strain and skim any fat.
Parsnip Puree
Cook parsnips in a pot with water until they are fork tender. Strain and rice (or puree in food processor) Mix in butter, cream and salt.
Fig Port Reduction
Heat a large skillet with oil and 1 tsp butter over medium heat. Add the onion and cook until lightly caramelized. Add the garlic, herbs, and figs. Cook for 1 minute. Add the port. Let the alcohol cook off and add the stock. Bring to a simmer, reduce the heat and cook until thickened. Remove the herb stems and whisk in 1 tbsp butter. Season with salt and pepper.