I rinse the herbs. Then I lay them out in a single layer on paper towels on top of my refrigerator. For bay, give them about 6 weeks.
However, you generally use only 1-2 bay leaves at a time when cooking. I have a bay to a 12-inch flower pot; it's about 18 inches tall (pruned often to keep it from outgrowing the ability of its constrained roots to supply it with water and nutrients). I pick fresh bay leaves whenever I want to use them. (The same with rosemary, oregano, sage, tarragon, peppermint, and thyme, all of which are in my garden.)
Fresh herbs generally have better flavor. On the other hand, I prefer dried spices. Somehow, it seems to my tongue that herbs lose some flavor while drying while spices get stronger while drying. Since basil and dill are summer annuals, I need to dry them if I'm going to use them in the winter.