For lamb:

Combine herbs in small bowl. Rub lamb with olive oil, half of chopped herbs, and garlic; cover and chill overnight.

Preheat oven to 425F. Heat grapeseed oil in large skillet over medium-high heat. Sprinkle lamb with salt and pepper; sear until brown on both sides, 5 minutes total. Transfer lamb to large rimmed baking sheet; roast to desired doneness, about 20 minutes for medium-rare. Transfer lamb to cutting board; let rest 5 to 10 minutes. Maintain oven temperature; reserve baking sheet for figs.

For figs:

Place figs and thyme sprigs on baking sheet. Sprinkle with remaining herbs and drizzle with extra-virgin olive oil. Roast in oven at 425F for 10 minutes.

Cut lamb racks into individual chops; arrange on plates and place figs alongside.