Already committed at Punt Rd until the end of next year, Lalor will be sticking around until the end of 2029.
The 19-year-old, who will miss Saturday's clash with the Cats due to a knee injury, has shown spurts of brilliance across his first 23 AFL games.
After being drafted, Lalor immediately drew comparisons to Richmond legend Dustin Martin.
"I don't really listen to it too much," Lalor told reporters on Friday.
"I just try to focus on myself and just play footy and enjoy it.
"He sends me a message every now and then to check in.
"It's always good running into him in the rooms and have a bit of relationship, which is nice."
Lalor's signature came on the same morning as Richmond announced veteran key forward Tom Lynch would play on next season.
Troubled by injuries in recent seasons, Lynch has kicked 17 goals across 14 games this year and remains one of the only premiership players left at Richmond from their golden era.
"For them to commit to, not only our footy club but to our program, and show some faith in what we're doing, they're going to be a massive part of that," Richmond coach Adem Yze said.
"Lynchy signing for another year and help guide those young lads through their early stages of their career is going to be just as important.
"When you do get that across the line and get that commitment from high talent, it's a really important day for our footy club."
Sitting 17th, the Tigers could still claim the wooden spoon if Essendon defeat Port Adelaide on Sunday.
Richmond (3-19) prepare to face finals-bound Geelong, who welcome back star forward Jeremy Cameron following six weeks out with a serious shoulder injury.
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