Am I putting my current job at risk by attempting to lateral?

The title kind of says it all. I'm currently an An1 at a boutique M&A shop and am thinking about beginning the process of lateraling to somewhere with more brand recognition. Although I don't necessarily want to leave today, I understand that the lateral market is really bad, and will only leave for the right opportunity which will take some time. I'm wondering what'll happen if my company finds out. Will they move to let me go before I leave? Are people typically let go if they're actively looking around? Does it not really matter since I'm an An1 and people jump ship all the time? I won't let my recruitment impact my work, work product, or availability at all, nor will I mention it to anyone, of course.