In a medium-sized saucepot over high heat, bring about 3 cups water to a boil. Add the wild rice and about 1 tsp kosher salt and return to a boil. Then reduce the heat, cover and keep at a bare simmer until the rice is tender, about 45 minutes. Drain and discard the water and reserve the cooked rice.
Heat a large sauté pan over high heat for about 2 minutes, then add the olive oil and heat about 30 seconds longer. Reduce the heat to medium, add the chopped shallots and sauté until tender and translucent, stirring occasionally, about 5 minutes. Add the minced garlic and cook 1 minute more, stirring frequently. Add the chopped pancetta and continue to cook until crisp and golden, stirring frequently, about 7-10 minutes more. Add the lentils and cook, stirring constantly, about 1 minute more. Add about 1 ¾ cups water along with the bay leaf. Season with a sprinkling of salt and pepper. Bring to a boil, then reduce the heat to maintain a bare simmer. Cover and simmer until the lentils are tender, about 35-40 minutes. Most of the liquid will be absorbed by the lentil or evaporate, but some may remain in the pan.
Discard the bay leaf. Add the rice to the lentils and cook over medium, uncovered, until heated through and the liquid is absorbed, about 5-10 minutes. Add the parsley and stir to combine. Taste and season as needed with salt and pepper. Serve hot.
