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Place bacon in a large, heavy Dutch oven and cook over low-medium heat to render the fat and cook until bacon is crisp. Remove bacon bits and reserve, draining on paper towels. Add butter and chopped leeks and sauté gently over low-medium heat for about 3 to 5 minutes or until leeks are soft but not browned. Add the carrots, parsnips, celery and thyme and sauté for about 1 minute to coat.
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Add the clam juice, water, potatoes and bay leaf to the pot. Cover and simmer for about 15 minutes or until the root vegetables are all tender. Use the back of a wooden spoon or a potato masher to mash some of the root veggies right in the pot. Their starch will add richness to the chowder.
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Add the reserved bacon, fish and the cream and heat over low heat until fish is cooked through and flaky, but do not let the chowder boil. Taste and add pepper as desired. Soup is ready to serve but improves after it sits for an hour.
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Serve with parsley and chives sprinkled on top, if desired. The un-garnished chowder can be refrigerated overnight and reheated very gently without simmering or boiling.