Hit & Run is a Tier Two talent in Lilith's Assassin skill tree. It raises melee damage by +7% per rank, and increases Phasewalk's duration by +0.8 seconds per rank.
Total Phasewalk Duration
With no points invested in this skill, Phasewalk lasts for 6 seconds.
The damage bonus is cumulative with any melee damage bonus from Venom. Five levels of Venom and five levels of Hit & Run will yield a total 60% damage bonus. It also applies to a Phase Strike, though its contribution there will be relatively minor.
A longer Phasewalk duration synergizes with Inner Glow and Radiance, and may allow enough time to allow a depleted shield to start recharging.