Heat oven to 400° F. Heat oil in a large ovenproof skillet over medium-high heat.
Season lamb with paprika, ¼ teaspoon salt, and ½ teaspoon pepper and cook until browned, 2 to 3 minutes per side.
Add shallots to the skillet, transfer to oven, and cook lamb to the desired doneness, 6 to 8 minutes for medium-rare. Transfer lamb to plates.
Add tomatoes, olives, and parsley to the skillet and toss with the shallots to combine. Serve with the lamb and bread, if using.