
Granted, Final Cut Pro(FCP X 10.1.) and above can support 4K files without much problem; while, the old version FCP X or Final Cut Pro 6/7 is not able to deal with 4K well(Currently 1080p is the primary delivery format for FCP). A decent solution is to use a third-party video app to convert DMC-CM1 4K MP4 clips to Final Cut Pro native format before editing. And Brorsoft Video Converter for Mac is what most guys recommend.
Overall, this 4K video converter provides the most reliable and professional 4K solutions to all format issues including 4K MP4, 4K XAVC/XAVC S, 4K MOV, 4K MXF and more. With it, you can transcode Panasonic CM1 4K video to FCP compatible Apple ProRes without any quality loss. It comes with various format presets for 4K videos, such as DNxHD for Avid, Apple InterMediate Codec for iMovie, MPEG-2 for Adobe Premiere. Besides, this 4K converter is also available to customize the output resolutions to any size like 1080p, 2K, 4K as users want. Just download it and follow the tutorial below to get the work done.
Editing Panasonic CM1 4K MP4 in Final Cut Pro X/7
1. Load 4K footage to the converter
Run the best 4K to FCP Converter and click “Add file” or “Add from folder” button, browse to the Panasonic Lumix CM1 4K footage and load them to the converter for conversion.

2. Choose output format
Click “format” bar to choose the output format. You can freely choose Final Cut Pro > Apple ProRes 422 (*.mov) for FCP.

3. Advanced 4K video settings
Click "Settings" button if you'd like to customize advanced audio and video parameters like Video Codec, aspect ratio, bit rate, frame rate, Audio codec, sample rate, audio channels. Note: If you want to get original 4K resolution, just keep the video size as original.
4. Convert DMC-CM1 4K MP4 to ProRes
When you finish all settings, hit “Convert” button to start transcoding Panasonic DMC-CM1 4K MP4 for Final Cut Pro on Mac. You can follow the conversion process from the pop-up windows.
After the conversion, it’s freely to import Panasonic CM1 4K MP4 footage into FCP X/7 for natively editing.
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Source: Edit Panasonic DMC-CM1 4K MP4 in FCP 7/X