Combine figs, sugar, water and lemon juice in a saucepan. Bring to a simmer over medium heat, stirring until sugar is dissolved. Continue to simmer for 10 minutes or until figs are softened. Remove from heat, cover and let steep for 20 minutes.

Strain liquid through a fine mesh seize. Reserve softened figs for another use. You should have about 1 cup of liquid.

Return strained liquid to saucepan and bring to a simmer over medium heat. Continue to cook, stirring occasionally, until syrup is thickened and reduced by about a third (it will continue to thicken as it cools). This should take about 15 minutes, slightly less if you are using a wider saucepan (more surface area=more evaporation=quicker reduction time). After reducing you should have about 2/3 cup.

Transfer to a jar or other container and let cool slightly, then cover tightly and refrigerate until ready to use. Syrup will keep in the refrigerator for up to 2 weeks.