Heat the olive oil over a medium flame in a pan large enough to hold the shrimp in one layer. Add the garlic and crushed red pepper flakes and cook, stirring, for 1 minute.
Add the paprika, lemon juice and sherry, stirring to combine, and increase the heat to medium-high. Salt lightly.
Working quickly, add the shrimp and cook, turning once, until pink and just cooked through, 2 to 3 minutes—or a little longer if the shrimp are particularly big. Taste and adjust seasoning with salt, if needed.
Transfer shrimp to a serving platter with a slotted spoon and pour the sauce in the pan over it. Top everything with the parsley.
Serve warm or at room temperature with slices of baguette for soaking up the sauce.