The maximum amount of flat armor pen you can have after lethality changes is 96.
http://boards.pbe.leagueoflegends.com/en/c/champions-gameplay-feedback/RYuvnjbT-lethality-info 0.4X + ((0.6X * Y)/18) = Flat Penetration Amount, where X is Lethality and Y is target champion level
http://boards.pbe.leagueoflegends.com/en/c/general-pbe-feedback/cz1v6b7l-runes-armor-pen-lethality?comment=0000 Runes that gave flat armor penetration are being changed to give lethality at a rate where they break even at level 9 (so greater marks give 1.83/mark and quints give 3.66/quint)
http://www.surrenderat20.net/2016/10/1018-pbe-update.html#balance7 Precision (Cunning T5) Changed to "Gain 1.7 Lethality " from "0.6 + 0.06 per level Armor Penetration".
Serrated Dirk Attack Damage increased to 25 from 20 [NEW] UNIQUE Passive: +15 Lethality [REMOVED] +10 Armor penetration [NEW] UNIQUE Passive: +20 Movement Speed out of Combat [REMOVED] UNIQUE Passive: After killing any unit, your next basic attack or single target spell deals 15 bonus damage.
Youmuu's Ghostblade - [PIC] Total cost decreased to 3000 from 3200 Recipe: [Caulfield's Warhammer + Serrated Dirk + 800 G] [Recipe Change] Combine cost lowered to 800 from 1000 [NEW] UNIQUE Passive: +20 Lethality (Formerly 20 armor pen) [NEW] UNIQUE Passive: +20 Movement Speed out of Combat UNIQUE Active: [REMOVED] No longer grants 40% attack speed
Duskblade of Draktharr - [PIC] Stats: AD lowered to 65 from 75 5% Movement speed removed. [NEW] UNIQUE Passive: +20 Lethality [NEW] UNIQUE Passive: +20 Movement Speed out of Combat [NEW] UNIQUE Passive - Nightstalker: After being unseen for at least 1 second, your next basic attack will deal 50 + (200% Lethality) true damage on-hit. [REMOVED] Unique Passive - Nightfall. [NEW] UNIQUE Passive - Blackout: Gain true sight for 8 seconds when spotted by an enemy ward (90 second cooldown).
[NEW] Edge of Night Total Cost: 3100 G Recipe: [Pickaxe + Serrated Dirk + Null-Magic Mantle + 675 G] Stats: +60 Attack Damage +35 Magic Resist UNIQUE Passive: +20 Lethality UNIQUE Passive: +20 Movement Speed our of Combat UNIQUE Active - Night's Veil: Channel for 1.5 seconds to grant a spell shield that blocks the next enemy ability. Lasts for 10 seconds. (30 second cooldown) (Can move while channeling)
1.7 * 5 + 1.83 * 9 + 3.66 * 3 + 20 + 20 + 20 = 95.5
Notice that technically you could add another 15 if you dedicated one of your item slots to a serrated dirk, but that isn't pragmatic.
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