Remove the fat and white membranes covering the leg of lamb.
In a large pan, brown the lamb in the olive oil. Season with salt and pepper. Set aside.
In the same pan, gently brown the onions and honey for about 10 minutes. Add the thyme and red wine. Reduce until almost dry. Add the balsamic vinegar and reduce again until almost dry.
Add the garlic, broth, and meat. Bring to a boil. Coat the lamb with the sauce. Bake, uncovered, for about 2 hours, basting the meat frequently and turning it a few times.
When done, the liquid should have reduced and the meat should be caramelized. Let the roast rest for a few minutes before deboning and serve. Delicious with julienned carrots and Scalloped Potatoes with Roasted Garlic.