How to Make It
Preheat the oven to 450°. Rub the lamb with 1 tablespoon of the olive oil. Season with salt and pepper and rub with rosemary and thyme.
Heat the remaining olive oil in a medium ovenproof skillet. Add the lamb, fat-side down, and cook over high heat until browned, about 5 minutes. Turn and cook until lightly browned, about 1 minute. Add 1/2 cup of the port. Transfer the skillet to the oven and roast the lamb for 18 minutes, or until an instant-read thermometer registers 125° for medium-rare meat.
Transfer the racks to a carving board; cover loosely with foil. Add the remaining 1/2 cup of port and the figs to the skillet. Bring to a simmer, scraping up the browned bits from the bottom of the pan. Add the stock and vinegar and simmer over moderately high heat until thickened, about 3 minutes. Season with salt and pepper. Carve the racks into chops and set 4 on each plate. Top with the figs, spoon on the sauce and serve.
Variation Use four 14-ounce lamb shoulder chops instead of the racks and preheat the oven to 400°. Follow Step 1. In Step 2, brown the chops over moderately high heat, about 4 minutes per side, then roast for 20 minutes. Transfer the chops to a platter instead of a cutting board and proceed with Step 3.