Ex-Kirkland partner raises $5.5m for tech business backed by Big Law angels

Joel Arnell, a former London private equity partner at Kirkland & Ellis who started his career at Linklaters, has raised a $5.5 million seed round for Dealstack, a software platform built to automate workflows in private capital deals.

The funding includes backing from partners at firms including Paul Weiss, Latham & Watkins and Kirkland itself, as well as current and former executives from private equity giants including KKR, CVC, TA Associates and Goldman Sachs.

In just two years, Dealstack says it’s been adopted by six of the world’s top 10 private capital firms (by funds raised), and seven of the top 10 global law firms (by deal value).

Co-founder Seb Lapinski (pictured right in the image above) said private equity was stuck with brilliant people "working with ancient tools".

Dealstack wants to change that by offering what it calls the "application layer" for AI in private capital - a platform that automates core functions like cap tables, waterfalls, structure charts and contract management.

Q&A: Joel Arnell on leaving Kirkland, the law firm angle and why tech won’t replace lawyers

We asked Arnell a few questions about the business.

Why did you leave Kirkland to build a software business?

I kept seeing the same inefficiencies. Overqualified lawyers, deal teams and advisers doing high-stakes work with tools that weren’t purpose built for private capital. I left because I believed the only way to fix this was to build something better from the ground up.

How did your experience as a PE lawyer shape the product?

Every workflow we’ve built reflects how lawyers and clients actually work - from MIP (management incentive plan) transactions to cap table updates. Dealstack mirrors real-world complexity, not just the theoretical version.

How are law firms using the platform?

We work with seven of the top 10 global firms by deal value and nine of the top 10 in Europe. They’re using Dealstack to manage complex capital structures and employee equity plans, with less admin and better collaboration. It’s all in one place, and it works the way deal lawyers think.

How do you see the lawyer-private equity firm relationship shifting – and what role will tech play?

Sponsors expect faster, cleaner execution. Law firms that embrace tech will shift from reactive advisers to proactive partners. Tech won’t replace lawyers, but it will help them move quicker and focus on strategic work.

What’s harder: closing deals at Kirkland or pitching investors and building a company?

Whilst I really appreciated my time as a lawyer, building Dealstack is simply different.