• President, Society of Indian Law Firms
• Past National President, Indo American Chamber of Commerce
• Immediate Past President, The Bar Association of India
• Chairman Emeritus, Chartered Institute of Arbitrators – India
• Senior Advisor, South Asia / Oceania and India Committee, American Bar Association
• Honorary Life Member, International Bar Association
• Chairman, Confederation of Indian Industry (CII)
• National Committee on Legal Services
• Member, Management Committee,
• PHD Chamber of Commerce and Industry
• Former Chairman, Delhi Bar Council
• Former Chairman, Film Certification Appellate Tribunal
• Member, International Court of Arbitration Paris
• Past President, Inter Pacific Bar Association
• Member, Observer Research Foundation (ORF) Global Advisory Board

Awarded Doctor of Laws (LL. D.) Honoris Causa by Amity University in 2013

He was awarded the Plaque of Honour by the Prime Minister of India in 2002 for outstanding contribution to the Rule of Law.

In 2007, the President of India presented the National Law Day Award to Lalit Bhasin.

December 21, 2022 conferred Life Time Achievement Award at House of Lords in London by UK India Legal Partnership

Glorious 61 Years in the Profession Award by Legal Era on 15^th April 2023

Felicitated by Lloyd Law College on May 7, 2023

Outstanding Arbitration Expert Award 2023 by Asia Pacific Centre for Arbitration and Mediation APCAM on May 6, 2023

Awarded Doctor of Philosophy (Ph.D.) Honoris Causa for exemplary contribution to the legal profession by GD Goenka University, Gurgaon on May 13, 2023

Hindu College honoured Dr. Lalit Bhasin, an alumnus of the institution, on completing 60 years in the legal profession

Awarded Life Time Achievement Award by ASSOCHAM October 2023

Awarded Doctor of Laws (LL.D. ) Honoris Causa by Karnavati University, Gujarat in November 2023