user12530: For once in my life, I've been handed an edit job that is shot in such a way that I can grade the whole thing in one pass with a LUT.
On this particular edit, I need to first use a Log conversion LUT, and then can apply the additional grade LUT. I'd like to do this with Adjustment Layers to facilitate easier revisions (rather than clip-level effects).
What is the correct order of rendering with regards to adjustment layers? If I put each LUT on a different layer, which is applied first?
My searching revealed no answers; apologies if my underslept brain has missed an obvious one.

user6273: I'm fairly certain that Premiere Pro renders all layers from bottom to top. I have found several sources that confirm this behaviour for After Effects, but nowhere is it stated explicitly for Premiere Pro. 
From the Adobe documentation for After Effects:

A composition consists of layers stacked on top of one another in the Timeline panel. When the composition is rendered—either for previewing or for final output—the bottom layer is rendered first. Within each raster (non-vector) layer, elements are applied in the following order: masks, effects, transformations, and layer styles. For continuously rasterized vector layers, the default rendering order is masks, followed by transformations, and then effects. 

Source
Rendering layers from bottom to top is also the logical order. If it was the other way around, blending modes and certain other effects couldn't function properly. Let's say I have two video layers, the upper one being set to multiply as it's blending mode. This blending mode takes into account the pixels of the video layer below it. This wouldn't work if that layer hadn't been rendered yet.  
So I would suggest this layer order for your timeline:
Adjustment Layer with color grading effects
--------------
Adjustment Layer with color correction effects
--------------
Layer with video clips 

Alternatively, you could just put all your LUT effects on the same adjustment layer. Keep in mind that effects on a clip are rendered top to bottom. So if you have just one adjustment layer that holds one LUT effect for color correction and another one for color grading, make sure the color correction effect is on top in the Effect Settings panel.

user31930: I agree with McFlySoHigh. If you have multiple adjustment layers placed one above the other, the effects will be applied from Top to Bottom.
A bit more on the order of effects application in Premiere Pro:
First, it applies effects from Master Clip,
Then go the effects applied to the clip in a regular way: to the Effect Controls panel (Top to Bottom)
Then, nested sequence
And at the very end, effects from Adjustment Layers are applied, going from the top layer to the bottom one.

12530: <p>For once in my life, I've been handed an edit job that is shot in such a way that I can grade the whole thing in one pass with a LUT.</p>

<p>On this particular edit, I need to first use a Log conversion LUT, and then can apply the additional grade LUT. I'd like to do this with Adjustment Layers to facilitate easier revisions (rather than clip-level effects).</p>

<p>What is the correct order of rendering with regards to adjustment layers? If I put each LUT on a different layer, which is applied first?</p>

<p>My searching revealed no answers; apologies if my underslept brain has missed an obvious one.</p>
 6273: <p>I'm <em>fairly certain</em> that Premiere Pro renders all layers from bottom to top. I have found several sources that confirm this behaviour for After Effects, but nowhere is it stated explicitly for Premiere Pro. </p>

<p>From the Adobe documentation for After Effects:</p>

<blockquote>
  <p>A composition consists of layers stacked on top of one another in the Timeline panel. When the composition is rendered—either for previewing or for final output—the bottom layer is rendered first. Within each raster (non-vector) layer, elements are applied in the following order: masks, effects, transformations, and layer styles. For continuously rasterized vector layers, the default rendering order is masks, followed by transformations, and then effects. </p>
</blockquote>

<p><sub><a href="https://helpx.adobe.com/after-effects/using/precomposing-nesting-pre-rendering.html#render_order_and_collapsing_transformations" rel="nofollow">Source</a></sub></p>

<p>Rendering layers from bottom to top is also the logical order. If it was the other way around, blending modes and certain other effects couldn't function properly. Let's say I have two video layers, the upper one being set to <em>multiply</em> as it's blending mode. This blending mode takes into account the pixels of the video layer below it. This wouldn't work if that layer hadn't been rendered yet.  </p>

<p>So I would suggest this layer order for your timeline:</p>

<pre><code>Adjustment Layer with color grading effects
--------------
Adjustment Layer with color correction effects
--------------
Layer with video clips 
</code></pre>

<p>Alternatively, you could just put all your LUT effects on the same adjustment layer. Keep in mind that effects on a clip are rendered top to bottom. So if you have just one adjustment layer that holds one LUT effect for color correction and another one for color grading, make sure the color correction effect is on top in the Effect Settings panel.</p>
 31930: <p>I agree with McFlySoHigh. If you have multiple adjustment layers placed one above the other, the effects will be applied from Top to Bottom.</p>
<p>A bit more on the order of effects application in Premiere Pro:
First, it applies effects from Master Clip,
Then go the effects applied to the clip in a regular way: to the Effect Controls panel (Top to Bottom)
Then, nested sequence
And at the very end, effects from Adjustment Layers are applied, going from the top layer to the bottom one.</p>
