The analysis of the structural relaxation in specimens of a thermotropic polymer that are either in the glassy amorphous or in the liquid crystalline state (or in a mixture of them) has been carried out. The results indicate that the two phases behave independently, exhibiting two independent (and well different) glass transitions and with their own structural relaxations. Moreover, the physical aging has a profound influence on the ability to develop the liquid-crystalline phase. It seems that the changes in local order associated with a densification of the liquid-like packing lead to the development of some kind or local alignment, which favors the subsequent liquid-crystallization.