Vogue will probably not fold as a result of the Obamaadministration's recently unveiled overtime rule, but eliteemployers in the creative industry are apparently deeply concernedabout the threat to what the New York Times calls the “Prada”economy.

Those who rose to executive positions in Hollywood, publishing,and advertising to make big bucks often started out as lowlygophers, working long hours for little pay. The new rule thatrequires all employees making below $47,476 a year to get time anda half wages when they work over 40 hours a week threatens thatmodel.

Echoing complaints from other employer groups, industryveterans say that the new rule will mean fewer hours and feweropportunities for newcomers.

“Less will be asked of them, which means they will not receivesufficient career development or see timely advancement and/orpromotions,” says Jill Salayi, general manager of Workman’sPublishing, in a letter to the Department of Labor opposing therule.

No doubt, such complaints will garner plenty of guffaws fromthose familiar with what the executives at such companies aremaking. Plus, even if junior employees are not worked as hard asthey were in the past, it seems logical that eventually companieswill be forced to promote them to fill the place of senioremployees who retire.

David Manson, a TV producer, says what a lot of employers arethinking but haven’t said: Many companies, particularly smallerones, will probably just ignore the rules.

“There may be a certain amount of a wink-and-nod approach toit,” he says. “Most people want desperately to get in any way theycan.”

In such a competitive environment, many young employees dare notdemand overtime, for fear of being replaced or viewed asungrateful. Indeed, Lauren Weisberger, the author of “The DevilWears Prada,” a semi-autobiographical account of her days workingfor Anna Wintour, the editor-in-chief of Vogue, says it neveroccurred to her to ask for overtime pay when she was working12-hour days for what amounted to less than minimum wage. Nor doesshe imagine that other staffers demanded overtime from Conde Nast,the multi-billion dollar company that owns Vogue.

Ironically, it is a former Bush administration official, TonyFratto, who now runs a PR firm in Washington D.C., Hamilton Place,who is supportive of the new change. He says that his industryoften overworks and abuses youngstaffers.

“I’ll be happy for everyone in town having a slightly betterquality of life,” he said.