After his term as governor ended in 1990, Baliles returned to private law practice as a partner in the national firm Hunton & Williams based in Richmond, Virginia. He specialized in aviation and international law, negotiating agreements between airlines and airports, worked on strategic alliances between carriers, and led coalitions to expand market access and protect environmental standards. He also accepted some public service assignments, including as chair of the Commission to Ensure a Strong Competitive Airline Industry (National Airline) Commission for President Bill Clinton and Congress. In the early 1990s, Baliles served as chairman of the Public Infrastructure Subcouncil of the Competitiveness Policy Council. He also sat on the boards of the Norfolk Southern Corporation and Altria Group. Baliles also served two terms as the chairman of the board of the Public Broadcasting System.