From eye balling the Lich, I'd say it suffers form the glass cannon problem. While I haven't played high level 5e yet, I have noticed the players' perceived threat of glass cannon monsters depends a lot on the encounter setup. If they get the drop on the monster, they can shut it down before it gets to show off it's scary DPR. On the other hand, if things go wrong for them, they can go very wrong.
One of the "art" aspects of monster design is recognizing how much you can push the Defense vs. Offense challenge of a monster at a given level range before you've gone too far.
Another somewhat "artistic" thing to bear in mind when making 5e monsters is that certain traits are highly suggestive of what level of play the monster should be encountered at (independent of how they influence CR calculations). For example, immunity to nonmagical weapon damage (e.g. a Wererat) is not something to throw lightly against a party of 1st level PCs who haven't had the time to acquire magical or silvered weapons, no matter if your "XP budget" appears to make such and encounter "difficult."