The best replacement for lateral raise is upright row.

The best alternatives to lateral raise are rated as following:
★★★★★  upright row
★★★★★  shoulder press
★★★  deltoid raise
★★★  military press
★★  front raise
★★  reverse fly
  front

Your alternative for lateral raise is not listed? Suggest!
Speaking about lateral raise, one probably shouldn't forget about lunge.

Other search terms related to lateral raise and their ratings are:
★★★★★ lunge
★★★★ squat
You have in mind a companion for lateral raise and it is not yet here? Propose!



Google Trends

Scale is based on the average worldwide traffic of lateral raise in all years. Click on graph for more.
lateral raise
upright row
shoulder press