Make the compound butter. In a small bowl, use a fork to combine the softened butter, shallot, garlic, and parsley.

Transfer the butter mixture to a sheet of wax paper or plastic wrap. Form the mixture into a 1 ½-inch thick log. Roll tightly and freeze for 10 minutes to solidify, then refrigerate until ready to use.

Preheat the oven to 375°F, positioning a rack in the center. Line a baking sheet with aluminum foil and spray with nonstick spray; set aside.

Prepare the lobster tails. Using kitchen shears, carefully split the top shells of the lobster tails in half lengthwise. Gently insert an upside-down teaspoon between the underside of the shell and the meat and loosen the meat.

Place the lobster tails on the prepared baking sheet. Drizzle each with lemon juice. Slice 1 pat of compound butter for each lobster tail, cut each pat of butter in half and arrange the two pieces on top of the meat; set aside.

Prepare the steaks. Drizzle the steaks with 1 tablespoon olive oil, then season both sides with salt and pepper.

Heat the remaining oil in a cast iron skillet over medium-high heat. Add the steaks and sear for 1-2 minutes per side, then place the skillet in the oven and cook for 4-8 minutes, until the steaks reach the desired doneness (for medium-rare: a thermometer should read 125-130°F; medium: 135°F; medium-well: 145°F).

At the same time, place the lobster tails in the oven. Cook for 6-8 minutes until meat is firm and opaque.

Remove the steaks from the oven and allow them to rest for 5 minutes while the lobster finishes cooking.

To serve, arrange the filets and lobster on individual serving plates, top each filet with a pat of compound butter, and garnish with lemon wedges.