$10.2M into Billables AI is less about timesheets than turning law-firm ops into an audit log: M365, Google Workspace, Zoom, Adobe, Clio, Litify, Centerbase, the whole workflow stack. If they can map human + AI work without screenshot surveillance, that is legal tech learning the same lesson DeFi learned from on-chain analytics: telemetry gets valuable when it becomes usable for risk, pricing, and governance. The catch is obvious to anyone who has watched Chainalysis-style infrastructure become compliance middleware: whoever owns the activity graph gets a lot of leverage over the market around it.

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