Phenols simply don't go away. Other aspects of the beer may change, thus making the phenols more or less noticeable/detracting. But they don't dissipate on their own to any noticeable extent.
Also, I find the term "Phenols" is thrown around a bit (by myself included), but regardless, check your fermentation temps as well as the pitching rate. Yeast can produce fusels/higher alcohols at higher temps, but the stress caused from underpitching will create esters more than phenols, which will result in fruitiness. Phenols will be produced by specific yeast, wild yeast or bacteria, often regardless of temp (of course the temp can change the intensity of those phenols). This, as with everything, is a generalilty.
Could you describe what it smells like? Rubbing alcohol, paint thinner (like my first oatmeal stout!!), bananas, cloves, bandaids, etc....
Cheers,