The field of teacher education has embraced robust models of clinically based teacher preparation. In part because these models rely upon school-university partnerships for which shared missions are an essential component, they also demand increasingly complex, co-constructed conceptions of supervision to support teacher candidates' learning during clinical practice. However, even as the need for supervision has grown, good supervision is seldom clearly defined. Many supervisors begin supervising largely underprepared for the complexity of their work in clinical settings. In response to these challenges, this paper proposes a framework for co-constructing supervision consisting of four key components--conceptions, models, tasks, and techniques--that could simultaneously inform supervision scholarship and offer a practical tool for building shared understandings of supervision in clinically based teacher preparation contexts.