Phillips (triceps) was a limited participant in Friday's practice, Tori McElhaney of the Falcons' official site reports.
Phillips has been on injured reserve since Oct. 18, and Friday constitutes his first on-field practice since suffering the triceps injury. With cornerback Mike Hughes (ankle) unlikely to suit up for Monday night's game against the Rams, the remainder of the week for Phillips will be key. If the 24-year-old can string practices together, he may be able to be activated off injured reserve and start Monday's game at outside cornerback.