First off, the range of your indices is wrong: it should be
$$ \sum_{k=-q}^l \binom{l-k}{m} \binom{q+k}{n} $$
Indeed, I would write $t=l+q$ so that the identity can be written simply as
$$ \sum_{r+s=t}\binom{r}{m}\binom{s}{n}=\binom{t+1}{m+n+1}. $$
This is a generalized hockey-stick identity. (The usual HS identity is the special case where one of $m$ or $n$ is set to $0$.) A combinatorial argument proceeds as follows:
The RHS counts how many ways there are to choose $m+n+1$ elements out of the numbers $\{1,\cdots,t+1\}$. The special thing about the "$m+n+1$" is that the numbers you picked can be categorized into three types: the smallest $m$ numbers you picked, the largest $n$ numbers you picked, and one number you picked in between the other two categories, the $(m+1)$st largest number.
The $(m+1)$st largest number you picked not only separates the numbers you picked into the $m$ smallest on one side and $n$ largest on the other, it also separates all of the numbers $1,\cdots,t+1$ into $r$ smaller numbers on the left and $s$ larger numbers on the right, for some pair $r,s$ with $r+s=t$. Note this means the $(m+1)$st largest number you picked is $(r+1)$.
In other words, the process of picking $m+n+1$ numbers out of $1,\cdots,t+1$ can be split into the following process: first pick the $(m+1)$st largest number $(r+1)$, then pick $m$ smaller numbers out of $1,\cdots,r$ and $n$ larger numbers out of the last $s$ numbers from $1,\cdots,t+1$.
Here is a generating function proof. By differentiating the infinite geometric series formula $m$ times and then multiplying by $(-x)^m/m!$ we arrive at the generating function:
$$ \frac{x^m}{(1-x)^{m+1}}=\sum_{r=0}^\infty\binom{r}{m}x^r. $$
Then the generalized HS identity follows from equating coefficients of $x^t$ below:
$$ \frac{x^m}{(1-x)^{m+1}}\cdot\frac{x^n}{(1-x)^{n+1}}=\frac{1}{x}\frac{x^{m+n+1}}{(1-x)^{(m+n+1)+1}}. $$
(Compare with the generating function proof of the usual Vandermonde identity.)