Heat oven to 400° F.
Season the lamb with the paprika, 3/4 teaspoon salt, and 1/2 teaspoon pepper.
Heat the oil over medium-high heat in an ovenproof skillet. Cook the lamb in the skillet until browned, 2 to 3 minutes per side. Add the shallots to the skillet.
Transfer the skillet to oven and cook the lamb to the desired doneness, 8 to 10 minutes for medium-rare.
Transfer the lamb to individual plates. Add the tomatoes, olives, and parsley to the hot skillet and toss to combine with the shallots. Serve with the lamb and baguette, if desired.
Tip: Paprika comes in several varieties, including sweet, hot, and smoked. Any type will work in this recipe, but if you opt for hot, use only 1/2 teaspoon.