The main difference between lacquer and Varnish is that Lacquer dries much quicker on surfaces than Varnish will due to the evaporating solvents found in lacquer which is not found in Varnish.
Lacquer also provides a much more glossier finish to surfaces than Varnish will so it takes less coats of lacquer to get the same finish as you would with Varnish using more coats.