The U.K.'s transition away from using Libor, the agreed interest rate at which banks lend to each other, is set to generate a flood of disputes, leading legal advisers believe.

Market regulator the Financial Conduct Authority released a set of documents outlining the transition plan on Thursday, with the scandal-ridden benchmark rate set to be phased out by the end of 2021.

But lawyers think the changeover to new benchmarks will create a rise in litigation.