Equating similar powers of $x$:
$$l-m = k$$
also $$ \binom {l}{m} = \binom {l}{(l-m)} = \binom {l}{k}$$
now,
$$(a)_n = a(a+1)...(a+n-1) = \frac{(a+n-1)!}{(a-1)!}$$
So, $$(n-l+k+1)_{(l-k)} = (n-m+1)_m = \frac{n!}{(n-m+1-1)!} = \frac{n!}{(n-m)!}$$
Thus, for all powers the 2 terms on LHS and RHS are equal.
All that is left now is to ensure that the number of terms is same.
case 1) Let $min(n, l)=l$ then number of terms are obviously same on LHS and RHS.
case 2) if $min(n, l) = n$ then LHS terms are from $x^l$ to $x^{l-n}$. On RHS, $((n-l)+(m+1))_{(l-m)}$ is valid only if $(n-l+m) \ge 0$ or $m \ge (l-n)$. So, the RHS summation runs from $(l-n)$ to $l$ or the terms go from $x^{(l-n)}$ to $x^l$