Attacks on enemies that are not Bleeding cause enemies to hemorrhage, dealing 25 + 5% of their max life as physical damage and then causes the target to bleed for 10 seconds, causing it to take 1% of it's max hp per second as physical damage. Subsequent attacks on bleeding targets deal 1% max hp as physical damage on-hit and reduce the duration of the bleed by 1 second.

Bleed deals a minimum of 5 damage per second.
Doesn't work on inorganic units, ghosts or skeletons.