Lich is an undead race selectable in reanimation by characters reborn at least 1 time. Liches gain stats (some str, more dex, more con, more int and most wis) from draining souls with their racial ability 'lich drain'. A life-time lich could reach int/wis unattainable by any other race ( like way past thrikhren intelligence and ent wisdom). Racial stat maximums for lich are 65 (naturally affected by training points), but in 5 days (of Beastlands grind) I was already at +5str,+6dex,+8con,+13int,+14wis.

After destroying my brain cells running some Beastlands (20,000+ monsters) at level 32 here's my train of thought about the race.

Back in the day, any lich could get soul value out of Beastlands or any other small monster. Currently, lich drain soul value gets diminished by the 'inferior monster' code. This results in people who reinc to lich to have to spend days, weeks or even months at low levels to overcome this 'inferior monster' code and to get some decent soul drain stats.

This only to find that without a phylactery from Origo (removed from loot table??!) you'll be losing most (over 2/3) of your work even if you reinced straight back to lich, and everything if you did some other reinc in between. Also, the phylactery that let's you store your souls for next reinc with almost no penalty (requires a not-too-hard-to-obtain reagent), is completely busted as it completely overrides almost the only downside of the race.

A few ideas how to "fix" this:
1) Make lich soul value save over reincs, with a regain system:
  a) You start from 0 stats upon reinc
  b) Up until 'old drain worth' you regain soul worth faster, maybe 10x speed
2) Remove phylacteries, or make it only skip the regain part
3) Cap lich bonus stats to, let's say, max(20, player level-40) wisdom
  a) Beastlands grind low level to skip 'inferior code' would lose most its worth
  b) Life-time liches wouldn't lose all their hard work they put in years ago - would still have 'the best wisdom race' in the game
  c) Force reincs wouldn't totally fuck life-time liches over or require arch intervention to save the stats

4) Make bigger monsters have bigger impact on the soul worth currently it seems, (to mortal eye), just to calculate the total level of monsters drained. This results in smaller monsters (faster kill speed) to be way better to gain stats fast. Suggestion: Recode soul formula to some sort of  exponetial value of level divided by some number that normalizes the gain so that you would gain some value from 5-10 level mobs (granted they're not inferior for you) and much more from high  level monsters. For example it could be like monsterlevel^2/10 so it would result in soul worth per level be something like:
  Monster_level    Soul_worth   Worth_in_lvl10_mobs
----------------------------------------------------
     1                  0.1        1/100
     5                  2.5        1/4
    10                  10          1
    20                  40          4
    30                  90          9
    40                  160         16
    50                  250         25
    60                  360         36
----------------------------------------------------
  Point in this: killing bigger stuff is _always slower_ but should be rewarded. Of course the tuning would needed to be done so that you'd still need to grind months, if not years to gain formidable stats.

IN CONCLUSION / TL;DR:
 - Tune lich stat gain to encourage killing bigger mobs, cap stats at for example 60wis (so you could still gain the 'best wisdom', but nothing unbalancingly good via years of grind)
 - Reinc would still hinder your lich progress, but in the form of "regaining" you'd still reach your old power eventually
 - Phylactery wouldn't be such "a must have yet unattainable"
 *exact numbers subject to archwizard tuning*