The idea behind the Lightning Wand is the same that is behind the concept of the Fire Wand, to create a weapon that enables the non-magic user to dish out battle magic. Unlike the Fire Wand however, the Lightning Wand shoots magical lightning bolts. The Lightning Wand was introduced at the time of the False Prophet and proved to be a strong weapon. It also has a big disadvantage, it only has limited charges, so the user has to be careful not to empty the Wand too fast.
In Ultima VI, these wands could only be found as loot, but were one of the strongest weapons in the game.
In the time of Ultima VII, this is still true, but their strength has lessened a bit. Several are said to be in the dungeon Shame, Alagner of New Magincia is also said to have one.
The effects of a bolt of lightning as it bursts forth from the wand is as devastating, as its counterpart, the fire wand. However, according to one of its proponents, "the corpses look and smell much less offensive."