He is a member of the Israel Academy of Sciences and Humanities, incumbent of the Alain Poher Chair in Private Law at TAU, and recipient of The EMET Prize for Art, Science and Culture for Legal Research.

Porat served for five years in the Israel Defense Forces' Israeli Intelligence Corps and holds the rank of Major (reserve).

In 2013 Porat was appointed head of TAU's Strategic Steering Committee, tasked with examining possible changes in the university's academic structure and management.

Other honors include the European Law and Economics Association Award for Lifetime Achievements in Law and Economics (2020); EMET Prize for Legal Research (2014);[4] Zeltner Prize for Legal Research (2012); Shneor Zalman Cheshin Award for Academic Excellence in Law (2010); and Zusman Prize for Young Scholars.

[3] In May 2019, Porat was elected 9th President of Tel Aviv University, succeeding Joseph Klafter.