We present here an analysis of the sensitivity of a time-domain atomic interferometer to the phase noise of the lasers used to manipulate the atomic wave-packets. The sensitivity function is calculated in the case of a three pulse Mach-Zehnder interferometer, which is the configuration of the two inertial sensors we are building at BNM-SYRTE. We successfully compare this calculation to experimental measurements. The sensitivity of the interferometer is limited by the phase noise of the lasers, as well as by residual vibrations. We evaluate the performance that could be obtained with state of the art quartz oscillators, as well as the impact of the residual phase noise of the phase-lock loop. Requirements on the level of vibrations is derived from the same formalism.