Unfortunately not. To build your app for armv7s all the code – which includes said library – has to be built for it. There is a hack to add armv7s support to static libraries but I would strongly recommend against using it.
That being said, for now it's not a big deal if you're building your app for armv7 only. It will still work fine on the iPhone 5.
Just go into the build settings of your Target and set "armv7" as the only architecture your app should be built for.
At one point in the future Apple will probably require that all new apps / app updates will be built for armv7s, like the did with armv7 a few years ago, but for now it's not a problem. By then the developer of the static library will hopefully have provided an update.