So, Riot already anounced they are looking into Essence Reaver item.png Essence Reaver and want to change it a bit. Here is what I would do.

User:Emptylord/Template:Item3

User:Emptylord/Template:Item3

I think many AD Casters would like that Essence Reaver item.png Essence Reaver, already thinking about Urgot Urgot :D. And yeah, unique armor penetration, otherwise we would have League of Reavers. (Offers the same stats as The Black Cleaver item.png The Black Cleaver, just even better lol). Also, the combination of good AD, life steal and CDR is a strong and unique combo, so kick out the CDR on the one-side bench as well.

I think about making the life steal also avaiable to single target spells, but that would probably be totally broken, well. Maybe something like that it applies 1/2 of the users life steal on every single target spell physical damage. This would be only for Essence Reaver item.png Essence Reaver, of course. It would then also up the cost to like 3500.