The new Panasonic Lumix S Series will feature two cameras, the Lumix S1R and the Lumix S1. The Lumix S1 and S1R look a lot like Lumix G cameras, just bigger... much bigger. Not only will the cameras feature both in-body and in-lens image stabilization and a 3-axis rear display, Panasonic claims the S1 and S1R will be the first full-frame mirrorless cameras to support full 4K video capture at 60fps. We can get 4K 60P MP4 (H.264, H.265) and Full HD 60P AVCHD footage easily. If you plan edit Panasonic Lumix S1/S1R footage in FCP or Premiere Pro and you have be in trouble. This guide will give you way of settling difficulties.

Well, although Final Cut Pro X and Premiere Pro CC claimed it supports 4K MP4/MOV and Full HD AVCHD, the 60P format is not ideal for editing yet- even if FCP X and Premiere Pro CC can successfully ingest your Lumix S1 or Lumix S1R videos sometimes, it still needs a long time for rendering. As far as I know part of the causes when many users meet the similar trouble due to they used Final Cut Pro with the old version FCP 7 and FCP 6. You'd better upgrade FCP X to 10.1.0.?And Premiere Pro CS6/CS5 doesn't support 4K video importing at all.
In order to import Lumix S1/S1R footage to FCP/Premiere Pro successfully, we introduce a third-party video converter called Acrok Video Converter Ultimate (Windows | Mac) for you. Having been tested by many professional film makers and editors, Acrok program will also impress you by its powerful video conversion ability and practical video edition function. Before import 4K videos to your editing software, you can just use this powerful app to convert 4K MP4 H.264/MPEG-4 files to Prores MOV for Final Cut Pro X, convert Lumix S1 and S1R footage to MPEG-2 for Premiere Pro CC, CS6, CS5, and then insert the converted video into your software for further editing.
Free download Acrok program by clicking below buttons
Tip: If you have a sizable collection of DVDs and Blu-ray discs gathering dust, you might want to consider digitizing those bad boys so you can watch them on your phone, computer, or tablet anywhere, anytime. Acrok Video Converter Ultimate can help you rip and convert Blu-ray disc, Blu-ray ISO, Blu-ray folder, DVD disc, DVD ISO/IFO, DVD folder to your device/media player playable format with fasest speed.
Convert Lumix S1/S1R 4K files for FCP and Premiere Pro
1
Add 4K videos
Connect your Lumix S1 or Lumix S1R to computer. Launch the best 4K Video Converter. By clicking the "Add files" button, you can select and import the 4K MO/MP4 or 1080P AVCHD footage you want to convert. As you see, all added footage will be listed below and you can preview them first.

2
Set output video file format
Apple ProRes is Final Cut Pro's best editable format, so transcode H.264/MPEG-4 to ProRes is the best method for you to better editing Lumix S1/S1R video in FCP (FCP X, FCP 7, FCP 6). Here you can go to Format > Final Cut Pro> Apple PreRes 422(*.mov) as the best target format.

Note: For FCP X (10.1.0 -10.4.1) users, please click "Settings" to set "Original" as output video resolution.
For Premiere Pro user, you need click "Format" bar to choose "Editing Software" the select " 1080P(*.mov)" as output format.

Settings:
Click Settings icon to adjust video and audio parameters including video codec, video size, video bitrate, video frame rate, audio sample rate, audio channel, etc.
3
Start video conversion
After all necessary settings, simply tap the big "Convert" button to start converting Panasonic Lumix S1 or Lumix S1R 4K footage on Mac. When the conversion is done, please click "Open" button to get the converted videos instantly. You can import and edit Lumix S1/S1R videos in FCP/Premiere Pro without any problem now. Thinks for your reading.