How can a firm lose many important partners and still see a huge increase in their PEP? Without lateral hiring. Are some white shoe firms so established that they keep their clients despite some departures?

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Important partners make more, so having them out of the pool can increase PEP. Also many clients are sticky and do not leave when partners do. The firm could also have laid off a bunch of associates or overworked the ones who remain to increase PEP.

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The math ain't mathing

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In this case: firm is lockstep and associates actually increased.

They just need to replace revenue in following year. If they leave, they have more profits to share with less equity partners and the revenue still counts for that year.

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