You can't operate on RAW files directly. They must be converted to some other format, e.g., PSD in Photoshop. You must also assign a color space in this conversion, so that the editor will know what colors are assigned to each word. The RGB preferences in both Photoshop and Lightroom include AdobeRGB and ProfotoRGB. Monitor profiles are inserted between the image file and the monitor, and are independent of each other. One profile can service many color spaces. One color space can be used with many profiles. Grading an image cannot enlarge the color space, and will usually degrade it. It makes sense to start in the widest color space so that less of the image is pushed outside the gamut. By my Lightroom (and Photoshop) preferences, RAW files are default to 16-bit TIFF format, ProFotoRGB.