No. However, if you want to apply for a division of the matrimonial property, you must file a separate application with the Court within 12 months from the date the divorce becomes final. Otherwise, you will need the Court’s permission to apply.
Generally, at the settlement of the matter, funds become available through settlement payments or the sale of assets, which can then be used to pay the deferred fee.
In deceased estate matters a deferred fee is often used as the executor and beneficiaries under the will might not have the funds to pay as they go. The legal fees are be paid when the estate is finalised, or in the event that estate assets are converted to cash.
The downside of the deferred fee arrangement is that a higher hourly rate is charged, as the firm ordinarily has to wait months, if not years, to get paid for the work that it is doing.
Security for payment is ordinarily required, which may be in the form of a right to caveat over property, or by way of a mortgage secured over a party’s share in the real estate.
If you are on a deferred fee retainer you might still be required to pay any of the upfront costs such as Court filing fees and property valuation fees.