1. Pulse bread in food processor until coarsely ground; you should have about 1 cup crumbs. Melt 1 tablespoon butter in 12-inch nonstick skillet over medium heat. When foaming subsides, add crumbs, shallot, 1/8 teaspoon salt, and 1/8 teaspoon pepper. Cook, stirring occasionally, until golden brown, 7 to 10 minutes. Stir in 1 tablespoon parsley and transfer to plate to cool. Wipe out skillet with paper towels.

2. Thoroughly dry scallops with paper towels; toss with 1/4 teaspoon salt, and 1/4 teaspoon pepper in bowl. Return skillet to high heat, add 2 teaspoons oil, and heat until shimmering. Add half of scallops in single layer and cook until well-browned, about 5 minutes (do not flip scallops). Remove pan from heat and transfer scallops to large strainer set over bowl to catch any accumulated juices. Wipe out skillet with paper towels. Repeat with remaining 2 teaspoons oil and scallops; transfer scallops to strainer.

3. Return skillet to medium heat and add 1 tablespoon butter. When melted, add garlic and pepper flakes; cook, stirring frequently, until garlic just begins to color, about 1 minute. Add flour and cook, stirring frequently, for 1 minute. Pour accumulated scallop juices into measuring cup and add enough clam juice to measure 2/3 cup. Increase heat to medium-high and slowly whisk in clam juice mixture and sherry. Bring to simmer and cook until mixture reduces to 3/4 cup, 3 to 4 minutes. Whisk in remaining 3 tablespoons butter, 1 tablespoon at a time. Stir in lemon juice and remaining tablespoon parsley.

4. Reduce heat to medium-low, return scallops to pan, and toss to combine. Cook, covered, until scallops are pink and cooked through, 2 to 3 minutes. Uncover and sprinkle with toasted bread crumbs. Serve with lemon wedges.

Serves 4