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@OP, don't buy into this BS. SRL hasn't "overhired". The FinTech & FSR team in particular has only hired 3 freshers and they have enough work to keep them busy all the time. The work is increasing year by year as the firm is growing. Give your best shot and all the best!
I was a virtual intern so I can’t really tell you about the ‘culture’ but the substantive work at SRL was diverse and involved preparing academic chapters, making advisory notes, solving client queries, research notes etc. on matters that included inter alia fintech, aviation tech, structured finance, FSR, TMT inter alia. Nothing was mechanical and critical thinking and arguing is appreciated :)
The associates seemed really helpful. However it’s more of a ‘do good work, get good work’ culture. Moreover, the work is very team dependent. I knew another intern working in a different team and they barely got work and had to mail the team repeatedly to get work whereas I was never short of work.
Lastly, there was no stipend paid.
Hope this helps :)