Take the beef out of the fridge one hour before you’re ready to cook it, and let it stand on the counter at room temperature.
Preheat oven to 450˚F.
Season the beef all around with salt and pepper.
In a small mixing bowl, combine softened butter, thyme, garlic powder, rosemary, and crushed bay leaf. Mash with the back of a fork until completely combined. Rub the butter mixture all over the beef.
Using kitchen twine, tie the roast at 2-inch intervals. Tying the roast is not a must, but in doing so, your roast will cook more evenly, and it will retain its shape.
Place the roast in a large cast iron skillet and pop it in the preheated oven for 15 minutes.
Turn down the oven temperature to 325˚F and continue to roast until the internal temperature of the beef reaches 120˚F. Start checking for doneness around the 35-minute mark, so you have an idea as to how much longer you need to cook it. Most importantly, use an instant read thermometer to check for doneness. There’s no other way to tell if the meat is done to your likeness. When done, remove the prime rib from the oven and transfer it to a cutting board. Cover it with foil and let stand for 20 minutes before slicing.
Slice and serve.