This paper provides a full account of phrasal compounds (PCs) in Jackendoff’s model of Parallel Architecture. PCs are very interesting from a theoretical point of view since they challenge traditional (generative) frameworks based on syntactocentricity and a strict division between the lexicon and grammar. That is why all the analyses proposed so far have failed to fully account for them. I will show that a model like Jackendoff’s which is not based on these tenets is able to handle PCs in a much more satisfying way. On the basis of an empirical study of PCs gained from the British National Corpus (BNC) it will be shown that an analysis based on Conceptual Semantics can account better for the phenomenon and that a distinction should be ...