I understand
a = max(set(lst), key=lst.count)
will derive most common element in a list
but how do you derive most common element
You have to flattern your list (with chain(*lst)), then count entry of each element of your list with Counter(chain(*lst).most_common()) and sort the result.
from itertools import chain
from collections import Counter
lst = [['1','2','3','4'],['1','1','1','1'],['1','2','3','4']]
sorted(Counter(chain(*lst)).most_common())[0][0]