Devina A Sormin is head counsel at Indonesian early-stage technology venture fund AC Ventures. She began her career at HHP Law Firm, Baker McKenzie’s member firm in Indonesia, where she spent five years. After joining her current organisation in 2022, she assumed the Head Counsel role in January this year.
At AC Ventures, Sormin aims to seamlessly integrate a deep understanding of economic and financial principles into her legal expertise. She recognizes that it's not uncommon to face a tug-of-war between commercial and legal interests during the investment financing process. These challenges underscore the demand for adept professionals who can navigate the intricate landscape of investment financing in Indonesia, all while ensuring rigorous adherence to local laws and regulations.
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ALB: Tell us a little about your role.
Sormin: As a Head Counsel in a venture capital firm, my role encompasses oversight of three primary job streams. Firstly, I assist in the legal process of the fundraising process to secure investments from investors. Secondly, I assist with the downstream investment, offering legal expertise to evaluate and negotiate deals with startups. Thirdly, I provide ongoing legal support to portfolio companies, addressing corporate governance, regulatory compliance, and strategic legal issues as they arise.
In managing these responsibilities, effective supervision involves not only ensuring each workstream operates smoothly but also fostering collaboration across teams. I coordinate closely with investment team during due diligence and deal structuring phases, ensuring legal risks are identified and mitigated early in the process. Additionally, I collaborate with portfolio company executives to align legal strategies with business objectives, facilitating growth and minimizing legal exposure. As the legal landscape evolves, my role also includes staying abreast of regulatory changes and industry trends that impact venture capital and startup ecosystems.
ALB: What have been some of your highlights from your time in charge? And what are some leadership lessons you have learnt?
Sormin: In terms of professional development, a noteworthy highlight has been the opportunity to delve into diverse laws and regulations across multiple jurisdictions, with a particular focus on Southeast Asia, where the fund directs its investments. As an Indonesian-qualified lawyer, this experience is somewhat unconventional compared to my previous work in law firms. During my tenure at Baker McKenzie Jakarta, for instance, I primarily practiced Indonesian laws. The journey of advancing my legal knowledge as counsel at AC Ventures has proven both exciting and occasionally challenging.
In terms of achievements, I am proud of the advancements made by our legal team. In 2023, we received one nomination from ALB Southeast Asia. This year, we are thrilled to announce that we have received three nominations, with the most notable being our inclusion in the Top 5 for M&A In-House Team of the Year. I am exceedingly proud of the growth and accomplishments of our legal team.
As for leadership lessons, now that I have a team reporting to me, my goals have evolved from when I initially joined the fund. Initially, my aim was to provide the best legal work. Now, the purpose is so that the team could achieve more collectively than any single individual could alone. It's about achieving better outcomes through collaboration and teamwork.
ALB: Apart from legal work, how do you participate in your company’s business?
Sormin: As a counsel, our role extends beyond providing legal advice; we are also responsible for offering strategic guidance from a broader perspective. This includes identifying and managing risks that could impact the company’s operations or investments. Moreover, maintaining effective relationship management is critical. Counsel must cultivate and sustain relationships with investors (LPs), portfolio companies, and external advisors to promote collaboration and ensure seamless communication.
ALB: How would you describe your strategy for the legal team?
Sormin: As I lead a close-knit team of around four people, I believe maintaining a shared sense of purpose is paramount. Keeping everyone motivated hinges on aligning our goals. It's crucial for each team member to understand what drives them in our work environment. Then my role is to ensure that each team member's goals—whether for learning, professional development, or other aspects—are achieved through their work at the firm.
Additionally, it's important to establish a standard of excellence that guides our collective efforts. We conduct regular internal legal knowledge-sharing sessions to discuss market updates and ensure our work remains current. This approach helps maintain a unified standard and keeps us informed about industry developments.
ALB: What trends do you expect to see in the legal services industry in the next few years?
Sormin: I believe that in the future, there will be increasing focus on sustainability and impact investment, given the heightened global attention to these areas. Consequently, the legal services industry must align its practices to meet these needs. Legal professionals will need to adapt by integrating sustainability principles into their services, ensuring that legal frameworks support and enable environmentally and socially responsible business practices. This could involve advising on regulatory compliance related to sustainability standards, facilitating green financing agreements, and supporting clients in navigating complex environmental and social governance (ESG) issues.
Moreover, as the demand for impact investment grows, legal experts will play a crucial role in structuring deals that prioritise both financial returns and positive social or environmental outcomes. This may include drafting impact-focused investment agreements, negotiating terms that align with sustainable development goals, and providing ongoing legal advice to ensure adherence to impact metrics and reporting standards.
ALB: How important is the company’s culture, according to you? What kind of internal culture are you looking to foster both within the team, as well as your business as a whole?
Sormin: I believe a company’s culture is crucial as it lays the groundwork for organisational success and employee satisfaction. At AC Ventures, we uphold several core values: Entrepreneurial Spirit, Excellence, Empowerment, Ethics, Energy, and Enhancement. These values are integrated into both our team dynamics and the firm as a whole. Personally, I see AC Ventures' robust internal culture reflected in our collaborative environment, commitment to social responsibility, and dedication to adaptability and innovation.
