Ok, so Lich ult is oftentimes pretty powerful due to it being global and at end game pretty big burst. But there is just something that makes me thing it is just counterable by too many things. Im cautious to say it needs a change because first you need to be smart enough to counter it, second, you need to burn a CD usually (some are moderately long, others not so much), and third it is a global large damage nuke.
The most obvious counters to lich ult come because it is beyond obvious it is being cast. You also have a pretty long time to do something about it, I think 3 seconds is pretty long in the context of doing things in LoL. This is probably what lets it be as counterable as it is in the first place. So what can you do?
The most obvious and readily available options are summoners spells. The first is obviously boost which seems to have been patched to again repel lich ult. You see the animation, you pop boost, gg 120 sec CD. Next up is heal. This one again can be used to save yourself, but even better with some coordination you can save your team mates as well. Unless you are very low, or the lich is very geared, a heal will put you in a safe range for his ult.
Next you have champion abilities that are typically more available than summoner spell CDs. The biggest offender is of course Morganas crazy shield. This thing is pretty spammable and can block it, you can use it on yourself or cast it on others--not an ult. Next is Zilean's ult; ult to counter an ult, but Zilean's ult has a potential CD of 11 seconds (tested). Sorakas ult; Im not too concerned about this one as it is basically the anti-lich ult, but it does have a decent CD. Not possitive about this one, and it is self only, but Sivir spell shield. After this there are plenty of other champions who can in the 3 second warning time do something or someother to quickly boost their HP up a few points or shield themselves somehow.
Again, Lich is pretty powerful and I do get plenty of kills using his ult. But Im worried that in the high end it will be something too easy to dodge.