I got an L4 offer and want to negotiate for L5. Who has the final say ? The HM or their N+1?

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Hiring Committee and very very less likely that you will get through

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Sage advice from G1. That's the route I took in the same situation and made L5 in like 1.5 yrs

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You are interviewed with a level in mind. Changing a level like that would require to basically begin the interview process all over again. In the end the Hiring committee has the final say but the chances of negotiating level are essentially zero.

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OP - What’s your current level at McKinsey? Did the G recruiter share total comp numbers?

As others have mentioned, it would be pretty tough to get L+1 after they’ve already assessed you as an L4, but not impossible. Just unlikely.

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What was your TC offer? Trying to assess mine

It can be done, the recruiter has to be your advocate with the hiring manager and the HC. I have been on HC for several years. It also depends on how strongly you interviewed for the level of the role, if for example you got strong hire for all the elements and the write up for the interviews signaled growth then it would be an easier sell from the recruiter to get the HM & HC to evaluate at a higher level. Good luck

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