Remove steaks from refrigeration 30 minutes prior to cooking to allow internal temperature to equalize.
Pat steaks and scallops extremely dry using paper towels to ensure optimal Maillard reaction.
Season all surfaces of the steaks and the top and bottom of the scallops generously with salt and pepper.
Heat a heavy-bottomed cast-iron skillet over high heat until it reaches approximately 450°F (232°C).
Add oil to the skillet; once shimmering, place steaks in the pan and sear for 4 minutes without moving to develop a crust.
Flip steaks and add butter, garlic, rosemary, and thyme to the skillet.
Tilt the pan and use a large spoon to continuously baste the steaks with the foaming herb butter for an additional 3-4 minutes until internal temperature reaches 130°F (54°C) for medium-rare.
Transfer steaks to a warm plate to rest for at least 5-10 minutes.
In the same skillet (or a clean one if butter is burnt), sear scallops for 2 minutes on the first side until deep golden brown, then flip and sear for 1 minute until just opaque.
Serve steaks alongside scallops, drizzling both with the remaining garlic butter from the pan.