Prepare the figs - Remove the nub of stem from the figs, then roughly chop the fruit.
Combine the ingredients and simmer - Add the figs, sugar, balsamic, water, and lemon juice in a heavy-bottomed saucepan. Bring to a boil then reduce the heat, and simmer until the figs are quite soft, watching and stirring as needed.
Blend the figs - Once the figs have softened, but before the mixture gets too thick, use an immersion blender to chop the figs into smaller pieces, leaving a bit of texture bobbing in the jam.
Cook to thicken - Simmer for another ten minutes or so, until the jam is thickened to your preference. It will continue to thicken as it cools.
Notes
It crossed my mind to spoon this jam into sterilized jars and can it in a water bath to preserve it, but I plan to experiment with different ways to incorporate it into other dishes, so this batch won't last long.