Dealing with lightning performance computation, researchers usually consider only negative downward first return strokes and the relevant channel-base peak current distribution. The aim of this article is to account for the lightning flash mechanism, which means to include also downward negative subsequent strokes and downward positive strokes, taking into account available distributions of the number of strokes per flash (i.e., the flash multiplicity) and of the distance among the impact points of the strokes within the same flash (i.e., the channel terminations distance). In this regard, to the best of the authors’ knowledge, the present study is the first one taking into account the multiple ground channel terminations in the lightning performance assessment. The obtained results show that both the negative subsequent strokes and multiple channel termination determine a significant increase in the estimated number of flashovers per year, and they need to be considered in the lightning performance assessment. On the other hand, considering positive downward strokes, a less remarkable increase in the estimated number of flashovers per year is observed.