I'm sure you've seen Phil Mickelson hit greenside shots that rise almost straight up, clear a bunker or a tree, and come straight down next to an extremely tight pin.
It's a difficult shot I call it a "super-cut-lob" and I don't know anyone who hits it as well as Phil does. But that's not my point. Although you won't need this shot every round, I want you to practice it because 1) On the occasion when you do need it, you'll have at least some chance of pulling it off and, 2) just trying the super-cut-lob makes normal lob shots seem a lot easier.
Find a nice spot on the practice range with plenty of room around in case you catch one thin. You don't need a green to aim at, but if there's something to hit over like a hedge or a small tree, set up in front of it.
(Around our house we hit this shot from the backyard up onto the roof using P3 Practice balls. See pelzgolf.com for details.)
Start by aiming 30 degrees left of your target. Position the ball in the middle of your stance, grip your most-lofted wedge with the clubface 45 degrees open, and swing hard.
Don't worry about where your shots go at first. After each successful attempt, open the face even more and aim farther to the left. Your shots will launch higher and fly shorter, and that's what you want.
Hit a bucket of balls this way. Then hit another, but now aim only half as far left, rotate the clubface only half as far open and swing only half as hard (keeping the ball in the center of your stance).
This is the lob shot you'll need most often in your game, and now it'll seem easy.
How to Cut It From Sand
You're at the bottom of a bunker staring
at a high lip. Scary, huh? Not if you've
practiced the super-cut-lob.
Use the same swing and setup as above, but play the ball three to four inches forward in your stance.
This allows your clubhead to naturally contact the sand behind the ball instead of the ball itself and "blast" it up and onto the green. Just remember, the more you open the face and aim left, the higher your shots will go.
This will help you escape even the deepest bunkers.