Use return false instead. You can see the code below working here.
$("a").click(function() {
return false;
});
$(".toolbar a").click(function() {
alert("Do something");
});
As pointed by @raina77ow with this article, using return false is the same as calling event.preventDefault() and also event.stopPropagation(). As I had troubles without return false on some codes in the past, I always suggest it.
But the most importante thing here is the bind order: your last bind will be your first executed code. So, take care about it and go.