Soften gelatin in water. Bring consommé to a boil in a medium saucepan; remove from heat. Add softened gelatin, stirring until well blended. Stir in sherry and lemon juice. Transfer to a large bowl; cool to room temperature. Chill overnight.
Cut jellied consommé with a fork; spoon into appetizer serving bowls. Garnish with parsley sprigs and halved lemon slices.