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After a lot of struggle, I found out that Electrum uses following root derivation for normal and multisig wallets. For example:

• root/0/0 for each cosigner. Example:

  • m/44'/0'/0' ==> shared root key (x)

  • x/0/0 ==> address for first receiving multisig (derive in all cosigners shared keys. all 3 keys must be lexicographically ordered).

• some semi-compatible form of BIP45 for hardware wallets. Didn't test it but here's the code: https://github.com/spesmilo/electrum/blob/master/lib/base_wizard.py#L220

refs:

What BIP32 derivation path does Electrum use?

https://github.com/spesmilo/electrum/issues/2266

https://bitcointalk.org/index.php?topic=1819380