He is an Honorary Bencher of the Inner Temple and a corresponding fellow of the British Academy, and was also the President of the American Law and Economics Association from 1995 to 1996 and the honorary President of the Bentham Club of University College, London, for 1998. He has received honorary degrees from leading American and foreign universities, along with a number of awards, including the Thomas Jefferson Memorial Foundation Award in Law from the University of Virginia in 1994; the Marshall-Wythe Medallion from the College of William and Mary in 1998; the 2003 Research Award from the Fellows of the American Bar Foundation; the 2003 John Sherman Award from the US Department of Justice; the Learned Hand Medal for Excellence in Federal Jurisprudence from the Federal bar Council in 2005; the Thomas C. Schelling Award from the John F. Kennedy School of Government at Harvard University in 2005; and the Ronald H. Coase Medal from the American Law and Economics Association in 2010.