First, most lobbers have no short game so I recommend bringing them up to the net. If they had strong short/net game they wouldn't likely be lobbing you. Practice and refine drop shots as part of this tactic.
Secondly, you need an air defense and that means a smash. Most players don't practice it but I recommend and develop that along with deep volleys. For doubles players, I add in the half volley so between a volley and a half volley you have low and midheight balls covered. Then it's all about whether you can handle offensive and defensive lobs.
Generally, you practice taking defensive high arcing lobs on the bounce while out of necessity you take offensive fast low arcing balls on the fly.
