Add the shallot, bay leaf, freshly ground black pepper, lemon juice, and wine to a saucepan. Bring to a boil, then reduce heat to medium and continue simmering until only 2 tablespoons of liquid remain.
Pour in the heavy cream and bring to a simmer; simmer until the cream has reduced by half.
Reduce heat to low, and rapidly whisk in the butter pieces, one at a time, until it has melted into the cream and thickened.
Strain through a fine mesh sieve and season with salt. Serve immediately.
Notes
Serve with poached fish, grilled chicken, or turkey.Make ahead: The sauce can be kept warm over low heat, whisking occasionally.Makes about 1.5 cups.